MPC Raises MPR to 22.75% and CRR to 45%

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February 27, 2024/United Capital Research

During today’s Monetary Policy Committee (MPC) meeting, the Committee deliberated on the following macroeconomic concerns:

  1. The persistent inflationary pressures within the Nigerian economy.
  2. Escalating inflationary pressures across the global economy.
  3. Volatility in foreign exchange rates.
  4. Confidence levels of foreign investors in the Nigerian economy.
  5. Inflows of foreign capital into the economy.
  6. 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%.

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