In a bid to fight inflation, the Nigeria Central Bank significantly raised its key interest rate (MPR) for the tenth consecutive time. The Monetary Policy Committee (MPC) Increased the MPR by 200 basis points (bps) to a record high of 24.75 at its meeting on March 26th, 2024.
This move aims to curb inflation by making borrowing more expensive. Additionally, the MPC adjusted the symmetric corridor around the MPR to +100/300 bps. However, other parameters like the cash reserve ratio (45%) and liquidity ratio remained unchanged.
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