On July 25, 2023, the Central Bank of Nigeria (CBN) conducted its fourth Monetary Policy Meeting for the year and announced an increase in the Monetary Policy Rate (MPR) from 18.5 percent to 18.75 percent.
The Cash Reserve Ratio (CRR) and Liquidity Ratio (LR) were, however, left unchanged at 32.5 percent and 30 percent, respectively.
During a press briefing in Abuja, Mr. Folashodun Shonubi, the Acting Governor of the CBN, stated that the decision to raise the MPR by 25 basis points was made in a bid to curb inflation and regulate interest rates.
During a press briefing in Abuja, Mr. Folashodun Shonubi, the Acting Governor of the CBN, stated that the decision to raise the MPR by 25 basis points was made in a bid to curb inflation and regulate interest rates.
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