The Central Bank of Nigeria (CBN) on Tuesday raised its benchmark interest rate, known as the Monetary Policy Rate (MPR) to 22.75 percent, for the first time in eight months. The CRR was increased to 45 percent.
According to CBN data, this is the highest MPC rate ever and is aimed at mopping up excess naira liquidity.
Olayemi Cardoso, governor of the CBN, who chaired the Monetary Policy Committee (MPC) meeting for the first time since he assumed office in September 2023, made the announcement Tuesday.
In 2023, Nigeria’s MPC adopted a distinct approach, steadily increasing the MPR across four consecutive meetings, ultimately reaching a substantial 18.75 percent by the end of the year. Despite these proactive measures, other significant indicators such as the Cash Reserves Ratio (CRR) and Liquidity Ratio remained static, with the CRR staying at 32.5 percent and the Liquidity Ratio at 30.0 percent throughout the period.
Details soon…
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
