By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Raises Monetary Policy Rate to 22.75%
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

CBN Raises Monetary Policy Rate to 22.75%

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: February 27, 2024
Share
2 Min Read
Olayemi Cardoso, the Governor of the Central Bank of Nigeria
Olayemi Cardoso, the Governor of the Central Bank of Nigeria
SHARE

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate (MPR), raising it from 18.75 percent to 22.75 percent.

Olayemi Cardoso, the Governor of the CBN, disclosed this decision at a press conference held in Abuja on Tuesday following the committee’s meeting.

This adjustment marks the first monetary policy decision made by the committee since Cardoso assumed office on September 26, 2023.

The MPR serves as the baseline interest rate in the economy, influencing other interest rates within the financial system.

- Advertisement -

Cardoso explained that the committee raised the MPR by 400 basis points to 22.75 percent and adjusted the asymmetric corridor accordingly. Additionally, the cash reserve ratio (CRR) was increased from 32.5 percent to 45 percent, while the liquidity ratio remained at 30 percent.

The decision to raise the MPR comes amidst rising inflation rates, with January 2024 seeing a spike to 29.9 percent compared to 28.92 percent in the previous month.

Cardoso attributed this surge to various factors including escalating energy costs, high fiscal deficits, and security challenges affecting major food-producing areas.

He said: “In addition, global factors such as tight financial conditions, and trade disruptions from ongoing geopolitical tensions remain significant upside risks to the outlook for domestic inflation. Forecasts therefore, indicate that inflation will remain on an upward trajectory in the near term, before commencing a descent.”

- Advertisement -

Looking ahead, Cardoso outlined the committee’s commitment to implementing measures to enhance investor confidence, attract capital inflows, and monitor both domestic and global economic developments.

The aim is to ensure that inflationary pressures and exchange rate volatility are moderated in the near term.

The CBN Governor announced that the next MPC meeting is scheduled for March 25 and March 26, 2024.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBN
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Central Bank of Nigeria (CBN) CBN Resumes Forex Sale to BDCs Operators
Next Article Hafsat Bakari Senate Confirms Hafsat Bakari as CEO of Nigeria Financial Intelligence Unit (NFIU)

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 1 day ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

President Bola Tinubu Suspends Implementation of Financial Reporting Council Amendment Act 2023
News
Aminu Dantata to be Buried in Madinah After Saudi Approval
News
VIDEO: NDLEA Issues Strong Advisory to Travellers Against Carrying Unknown Bags
Crime Video
SERAP Demands Transparency from Nigeria’s Governors on Security Vote Spending
News
Security Situation Improving, CDS Urges Continued Support from Nigerians
News Security
- Advertisement -
Ad imageAd image

You May Also Like

PoliticsTop stories

David Mark to Lead Anti-Tinubu Coalition Under African Democratic Congress Platform

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
InternationalNews

FG to Plant 20 Billion Trees Next Rainy Season in National Reforestation Drive, Says VP Shettima

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 28, 2025
NewsTop stories

Federal Government to Overhaul Civil Servants’ Healthcare Policy Amid Rising Concerns

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 28, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?