Monetary Policy Committee of Central Bank of Nigeria don increase the monetary policy rate (MPR) to 27.25 percent.

This new rate na 50 basis points increase from the 26.75 percent wey the apex bank announce for July 2024.

CBN Governor, Yemi Cardoso, talk this one during press briefing after the committee’s fifth meeting for the year, wey happen for CBN headquarters for Abuja. He say all the committee members agree to tighten monetary policy.

But dem still retain the asymmetric corridor around the MPR at +500 to -100 basis points, and dem raise the Cash Reserve Ratio for deposit money banks by 500 basis points to 50 percent, while merchant banks go now get 16 percent from the 14 percent before. Dem also maintain liquidity ratio for 30 percent.

READ MORE RECENT NEWS HERE https://naija102.com/federal-government-don-revise-public-service-salary-structure/