The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 27.50 per cent from 27.25 per cent. This formed part of the resolutions at the meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The monetary policy rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, made the disclosure in Abuja on Tuesday during the last MPC meeting of the year at the apex bank’s headquarters. He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN Boss also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.