MPC Votes To Increase MPR From 12% To 14%

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has voted to increase the Monetary Policy Rate, (MPR) from 12% to 14%.

The committee also voted to retain cash reserve ratio at 22.5% and left the asymmetric corridor around MPC retained at +200 basis point(BPS) & -500 basis points(BPS)

Liquidity ratio was also maintained at 30%.

The MPC arrived at these decisions at the first meeting held in Abuja on Tuesday.

This is the first meeting since the introduction of the new FX market in June.