In a significant move, the Central Bank of Nigeria (CBN) announced on Tuesday an increase in its benchmark interest rate, the Monetary Policy Rate (MPR), to 22.75 percent. This marks a substantial 300 basis points rise from the previous rate of 18.75 percent.

CBN Governor, Yemi Cardoso, made this announcement at the conclusion of the Monetary Policy Committee (MPC) meeting held in Abuja today.

This decision follows a strategic approach adopted by Nigeria’s MPC in 2023, aiming to incrementally raise the MPR over four consecutive meetings.

Despite these aggressive efforts, other key indices such as the Cash Reserves Ratio (CRR) and Liquidity Ratio remained unchanged throughout this period, with the CRR staying at 32.5 percent and the Liquidity Ratio at 30.0 percent.

Further details to follow as they emerge…