The CBN governor said the committee raised the MPR by 400 basis points to 22.75 percent, and adjusted the asymmetric corridor at +100 and -700 basis points from +100 basis points and -300 basis points around the MPR.
CBN governor Yemi Cardoso disclosed the decision of the meeting, the first since his announcement as the apex bank governor.

He said the move was in a bit to tame the stubborn inflation that had not responded much to the previous marginal increase.

Cardoso said the committee also increased the cash reserve ratio (CRR) from 32.5 percent to 45 percent, while retaining the liquidity rate at 30 percent.

On inflation, he said the rate of change in prices of goods and services rose to 29.9 percent in January 2024, from 28.92 percent in December 2023

He attributed the hike in inflation to rising costs of energy, high fiscal deficits and insecurity.

- Financial News

Hmmmm....I really hope the current situation changes with all these policies.

YoungA wrote: ↑March 9th, 2024, 11:17 am Hmmmm....I really hope the current situation changes with all these policies.

Any monetary policy not backed by the complimenting fiscal policy will not have any lasting impact. Write that down.


And our leaders know this well. Yet...

Monetary issues everywhere including hardships