July 23, 2024/Cordros Update

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

1. Raise the MPR by 50bps to 26.75% (Previously: 26.25%)
2. Adjust the asymmetric corridor to +500bps/-100bps (Previously: +100bps/-300bps)
3. Retain CRR for Deposit Money Banks at 45.0%, and Merchant Banks at 14.0% 
4. Retain liquidity ratio at 30.0%