The Central Bank of Nigeria’s Monetary Policy Committee concluded its pivotal two-day session for March 2024, marking the 294th meeting of the institution.
In a significant decision, the MPC opted to raise the Monetary Policy Rate (MPR) by a substantial 300 basis points, reaching a new height of 24.75% from its previous level of 22.75%.
The committee further decided to widen the asymmetric corridor to +100bps/-300 basis points. Additionally, while maintaining the Cash Reserve Ratio (CRR) of Deposit Money Banks at 45%, there was a revision for Merchant banks, with their CRR adjusted from 10% to 14%.
Despite economic uncertainties, the CBN stands firm on its liquidity ratio, retaining it at 13%.
