The Monetary Policy Committee of the Central Bank of Nigeria in its 26th MPC decision decided unanimously to raise MPR by 25 basis points to 27.5% from 27.25%.
Since the beginning of the year, the monetary policy committee has adopted an aggressive tightening stance, which began in February 2024. This approach involves raising interest rates to combat persistent inflation and stabilize the economy. The move reflects a commitment to addressing inflationary pressures, especially those fueled by high food prices, exchange rate depreciation, and global economic uncertainty.
Other resolutions in this communique are:

1. Raised asymmetric corridor around the MPR by +500/-100
2. Retain cash reserved ratio (CRR) for deposit money banks (DBMs) at 50%
3. Retain cash reserved ratio (CRR) for merchant banks at 10%
4. The liquidity ratio remains unchanged at 30%