Friday, March 29, 2024

CBN raises MPR by 50bps to 18%

BY FESTUS OKOROMADU

The Central Bank of Nigeria on Tuesday further raised lending rates in the country by 50 basis points to 18 percent.

The apex bank which made the announcement on it’s official Twitter handle @cenbank, said the decision was a unanimous one as 10 members of the CBN Monetary Policy Committee voted to raise MPR by 50 basis points while one voted for 25 basis points and one abstained.

The MPC also retained Cash Reserve Ratio at 32.5 percent, Liquidity Ratio at 30.0 percent and Asymmetry Corridor at +100/-700 basis points around the MPR.

Analysts had predicted a rise in the MPR, blaming it on the current economic situation of the country, driven by the Naira redesign policy and increase in inflation rates.

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