According to the Central Bank of Nigeria (CBN): “The Monetary Policy Committee (MPC) voted to raise Monetary Policy Rate (MPR) by 50 basis points from 26.75% to 27.25%; raise Cash Reserve Ratio (CRR) by 500 basis points from 45% to 50% for Deposit Money Banks (DMBs) and from 14% to 16% for Merchant Banks. The committee retains the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
 |
| CBN raises MPR to 27.25% |
“Mr. Olayemi Cardoso says the reforms carried out by the CBN under his team’s watch in the past year have restored the Bank’s credibility and boosted stakeholder confidence and trust in the financial sector and the Nigerian economy. #CBNMPC
“CBN MPC: “We are resolute in our focus to bring down inflation; we will use all tools as the numbers clearly show we are in the right direction.” – Cardoso
“#CBNMPC CBN Governor, #Cardoso, lauds the Federal Government’s efforts to bridge the supply deficit through a duty-free input window for food commodities.
“#CBNMPC Despite headwinds, CBN Governor, Olayemi Cardoso, maintains that the Nigerian Banking System remains safe, sound and stable.
“#CBNMPC The Governor of the Central Bank of Nigeria, Olayemi Cardoso, says the Bank will sustain supervisory oversight of the industry to strengthen its support of the economy.
“The CBN Governor, Olayemi Cardoso has restated the need to further diversify the Nigerian economy to boost foreign exchange. #CBNMPC
“#CBNMPC Cardoso expresses optimism that the lifting of refined products from Dangote Refinery will moderate transportation costs and reduce foreign exchange pressure.”
The Monetary Policy Committee (MPC) voted to raise Monetary Policy Rate (MPR) by 50 basis points from 26.75% to 27.25%; raise Cash Reserve Ratio (CRR) by 500 basis points from 45% to 50% for Deposit Money Banks (DMBs) and from 14% to 16% for Merchant Banks. The committee retains… pic.twitter.com/VYC5jSCq8N
— Central Bank of Nigeria (@cenbank) September 24, 2024
