CBN’s Monetary Policy Committee Raises MPR by 200 Basis Points to 24.75%

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced a significant increase in the Monetary Policy Rate (MPR) by 200 basis points, raising it from 22.75% to 24.75%. This decision comes as part of the committee’s efforts to address inflationary pressures and stabilize the economy amidst evolving economic challenges.

 

The MPR serves as a benchmark interest rate used by the central bank to guide other interest rates in the economy. By raising the MPR, the MPC aims to tighten monetary conditions, reduce liquidity in the financial system, and curb inflationary pressures.

 

The decision to raise the MPR reflects the MPC’s commitment to achieving price stability and safeguarding the purchasing power of the Nigerian currency. It also underscores the central bank’s proactive stance in responding to macroeconomic developments and ensuring the sustainability of economic growth.

 

The MPC’s decision to raise the MPR by 200 basis points sends a strong signal to financial markets and economic stakeholders about the central bank’s determination to address inflationary pressures and maintain macroeconomic stability. However, it may also have implications for borrowing costs, investment decisions, and overall economic activity in the country.

 

Overall, the decision reflects the MPC’s assessment of current economic conditions and its commitment to implementing appropriate monetary policy measures to achieve its mandate of price stability and sustainable economic growth.


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