*Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria, announces the Bank鈥檚 Monetary Policy Committee has raised the country鈥檚 Monetary Policy Rate 50 basis points, from existing 26.25 percent to 26.75 percent, assuring of the Committee鈥檚 resolve to take necessary measures to bring the current high inflation under control

Alexander Davis | 绿帽献妻

The Central Bank of Nigeria (CBN) has announced an increment in the country鈥檚 the Monetary Policy Rate (MPR), which measures interest rates by 50 basis points, from existing 26.25 percent to 26.75 percent amid high food inflation and increasing prices of other products in the markets.

Dr. Olayemi Cardoso, Governor of CBN, who announced this development after the Bank鈥檚 296th Monetary Policy Committee (MPC) meeting Tuesday, July 23, 2024, in Abuja, FCT, said the MPC adjusted the asymmetric corridor around the MPR from +100 to -300 to +500 to -100 basis points.

The MPC also retained the Cash Reserve Ratio (CRR) of deposit money banks at 45 percent and merchant banks at 14 percent and retained the Liquidity Ratio at 30 percent.

Cardoso said the Committee was mindful of the effect of rising prices on households and businesses and expressed its resolve to take necessary measures to bring inflation under control.

Despite the June 2024 uptick in inflation, prices are expected to moderate in the near term as monetary policy gaining further traction, besides further measurers by the fiscal authority to address food inflation, stated he.

The CBN Governor noted that the MPC expressed worry that food inflation and rising energy costs in particular have continued to undermine price stability in the Nigerian economy.