The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has today concluded its two-day meeting in September 2022.
This meeting marks the fifth 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 the cash reserve ratio (CRR) while it opt to retain other policy parameters.
The decisions reached are as follows:
- The benchmark interest rate (MPR) raised by 150bps to 15.50% from 14.00%
- The asymmetric corridor remained at +100/-700 bps around the MPR
- The cash reserve ratio was raised from 27.50% to 32.50%; 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% and to 14% in July 2022.