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Rapid Response: MPC Increases the MPR by 400bps

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Olayemi Cardoso, The Governor of the Central Bank of Nigeria (CBN). Image Credit: CBN

March 26, 2024/Cordros Update

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), at its meeting today, voted to:

  1. Raise the MPR by 200bps to 24.75% (Previously: 22.75%)
  2. Narrow the asymmetric corridor to +100bps/-300bps (Previously: +100bps/-700bps)
  3. Retain the CRR for Deposit Money Banks at 45.0% 
  4. Adjust the CRR for Merchant Banks to 14.0% (Previously: 10.0%)
  5. Retain the liquidity ratio at 30.0%

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