The Central Bank of Nigeria (CBN), on Tuesday, announced that it had increased the Monetary Policy Rate (MPR) from 22.75 per cent to 24.75 per cent.
MPR is a short-term, often overnight rate that banks charge one another to borrow funds.
The Informant247 gathered that the announcement was made at the Monetary Policy Committee (MPC) meeting of the apex bank chaired by the CBN governor, Olayemi Cardoso.
According to the governor, the committee raised the MPR by 200 basis points to 24.75 per cent and retained the asymmetric corridor at +100 basis points and -300 basis points around the MPR.
He said the committee also retained the Cash Reserve Ratio (CRR) at 45 per cent and the liquidity rate at 30 per cent.
The meeting was the second one of the MPC in 2024 and the 294th meeting of the MPC.