Cardoso
By Amah
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The Central Bank of Nigeria, CBN, has again raised the Monetary Policy Rate, MPR, by 50 basis points.
It was 26.25% to 26.75% amid soaring inflation and rising food prices.
Olayemi Cardoso, the CBN Governor, made the disclosure after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
The MPC adjusted the asymmetric corridor around the MPR from +100 to -300 to +500 to -100 basis points.
It also retained the Cash Reserve Ratio (CRR) of deposit money banks at 45% and merchant banks at 14% and retained the Liquidity Ratio at 30%.
Cardoso said the committee considered the effect of rising prices on households and businesses, promising to take necessary measures to bring inflation under control.
The CBN governor said despite the June 2024 uptick in inflation, prices are expected to moderate in the near term as monetary policy gains further traction in addition to further measures by the fiscal authority to address food inflation.
The MPC expressed concern about food inflation and rising energy costs, which continues to undermine price stability.
