The Monetary Policy Committee (MPC) at its meeting today 27/02/ 2024, the 293rd meeting of the Monetary Policy Committee (MPC) and on basis of an assessment of the current and evolving macroeconomic situation has decided to further tighten monetary policy as follows
. Raise the MPR by 400 basis point to 22.75% from 18.75%
. Adjust the asymmetric corridor around the MPR to +100 to -700 from +100 to -300 basis point
. Raise cash reserve ratios from 32.5% to 45%
. Retain liquidity ration at 30%

This decision was cantered on inflation septations, persistence rise in inflation. However, the MPR has risen from 13 per cent in May 2022 to 18.75 per cent in July 2023 when the last MPC was held.
Olayemi Cardoso the CBN Governor disclosed this while reading the communiqué of the first MPC meeting of the year on Tuesday in Abuja. He pointed out that the committee’s resolution was primarily influenced by the urgent need to address the ongoing inflationary pressures, the volatility in the exchange rate, and the anticipation of further inflation coupled with rising inflation expectations.