“Nigerian Central Bank Implements MPR Increase to 24.75% in March MPC”

Today, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria concluded its two-day meeting for March 2024, marking the second MPC gathering of the year and the 294th meeting of the CBN.

At the close of the meeting, the MPC decided to raise the Monetary Policy Rate (MPR) by 200 basis points. The committee’s voting outcomes were as follows:

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• The MPR is increased by 200bps, raising it to 24.75% from 22.75%.
• The asymmetric corridor is adjusted to +100bps/-300 basis points.

In addition, the committee decided to maintain the Cash Reserve Ratio (CRR) of Deposit Money Banks at 45%, while adjusting the CRR of Merchant banks from 10% to 14%. The liquidity ratio remains unchanged at 13%.

Further details will be provided later.