The Central Bank of Nigeria, (CBN) has increased the Monetary Policy Rate (MPR) its benchmark interest rate to 24.75%.
The increment represents 200 basis points increase from 22.75% in February.
The apex bank, however, retained the Cash Reserve Ratio, CRR of commercial banks to 45% but adjusted upward the CRR of merchant banks from 10% to 14%.
The Apex Bank also retained the liquidity ratio of banks at 30%.
Central Bank Governor, Mr. Olayemi Cardoso disclosed this at the end of the Monetary Policy Committee, MPC meeting concluded today.
The CBN also changed the asymmetric corridor from +100/-700 to +100/-300 around the MPR.
