The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has today concluded its two-day meeting in July 2022.
This meeting marks the fourth MPC meeting for the year 2022.
The Monetary Policy Committee (MPC) at the end of today’s meeting elected to further hike the MPR and retain other policy parameters
The decisions reached are as follows:
- The benchmark interest rate (MPR) raised by 100bps to 14.00% from 13.00%
- The asymmetric corridor remained at +100/-700 bps around the MPR
- The cash reserve ratio retained at 27.50%; and
- The Liquidity Ratio retained at 30.00%
It will be recalled that the MPC hiked the MPR at the end of its third meeting of the year in May 2022 to 13% from 11.50%