The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday unanimously raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25 per cent from 26.75 per cent in July 2024.
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The meeting, attended by eleven out of the twelve members. also unanimously raised the Cash Reserve Ratio (CRR) for Deposit Money Banks (DMBs) to 50 per cent from 45 per cent while it raised that of merchant banks from 14 per cent to 16 per cent.
More details later…..
