The Monetary Policy Committee of the Central Bank of Nigeria has today concluded its two-day meeting for March 2024. This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.
At the conclusion of today’s meeting, the MPC decided to increase the Monetary Policy Rate (MPR) by 200 basis points.
The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.
Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.
The CBN retains a liquidity ratio of 13 per cent.
