The Monetary Policy Committee (MPC) Concludes March 2024 Meeting with Interest Rate Hike. Following the two-day meeting held by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), significant decisions were made.
This marks the 294th meeting of the CBN and the second MPC gathering for 2024.At the meeting held on Tuesday, the committee voted to increase the Monetary Policy Rate (MPR) by 300 basis points.
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Specifically, the MPR was raised by 400 basis points, from 22.75% to 24.75%. Additionally, adjustments were made to the asymmetric corridor, now standing at +100bps/-300 basis points.
While the Cash Reserve Ratio (CRR) for Deposit Money Banks remains unchanged at 45%, there was a modification for Merchant banks, with their CRR adjusted from 10% to 14%.Furthermore, the CBN decided to maintain a liquidity ratio of 13%.
These measures aim to address current economic conditions and ensure stability in the financial landscape.
