September 24, 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 27.25% (Previously: 26.75%)
2. Retain the asymmetric corridor at +500bps/-300bps
3. Raise the CRR for Deposit Money Banks to 50.0% (Previously: 45.0%) and Merchant Banks to 16.0% (Previously: 14.0%)
4. Retain liquidity rate at 30.0%

Full report to follow.