The Monetary Policy Committee of the Central Bank of Nigeria has increased the monetary policy rate to 27.25 per cent.

This new rate represents an increase of 50 basis points from 26.75 per cent announced by the apex bank in July 2024.

Addressing journalists yesterday at a press briefing after the committee’s fifth meeting for the year at the CBN headquarters in Abuja, CBN Governor, YemiCardoso, said the committee members unanimously decided to further tighten monetary policy.

However, the Monetary Policy Committee retained the asymmetric corridor around the MPR at +500 to -100 basis points and raised the Cash Reserve Ratio of deposit money banks by 500 basis points to 50 per cent and merchant banks by 200 basis points to 16 per cent from 14 per cent and retain the liquidity ratio at 30 per cent