CBN Raises MPR to 22.75% and CRR to 45% Post February 2024 MPC Meeting

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has today concluded its two-day meeting for February 2024. This meeting marks the first MPC meeting for the year 2024 and also the first meeting post-resumption of the Cardoso-led team.

The Monetary Policy Committee (MPC) at the end of today’s meeting elected to hike the MPR by 400 basis points 

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) voted as follows:

1. Raise the MPR by 400bps to 22.75%
2. Increase the asymmetric corridor to +100bps/-700bps (Previously: +100bps/-300bps)
3. Increase CRR to 45.0% (Previously: 32.5%); and
4. Retain liquidity rate at 30.0%

A detailed analyst commentary on the MPC decision to follow…..