February 27, 2024/United Capital Research
During today’s Monetary Policy Committee (MPC) meeting, the Committee deliberated on the following macroeconomic concerns:
- The persistent inflationary pressures within the Nigerian economy.
- Escalating inflationary pressures across the global economy.
- Volatility in foreign exchange rates.
- Confidence levels of foreign investors in the Nigerian economy.
- Inflows of foreign capital into the economy.
- High levels of money supply circulating within the economy.
Consequently, the Committee voted to:
- Raise the MPR by 400 basis points to 22.75%.
- Change the asymmetric corridor from +100/-300 to +100/-700 around the MPR.
- Raise the CRR from 32.50% to 45.00%.
- Hold the liquidity ratio constant at 30.00%.
