The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) after its first meeting for the year decided to further tighten monetary policy and subsequently raise the MPR by 4 percent to 22.75 from 18.75 percent, raise the Cash Reserve Ratio from 32.5 percent to 45 percent and retained the Liquidity Ratio at 30 percent.
The Committee’s decisions were centered on the current inflationary and exchange rate pressures, projected inflation, and rising inflation expectations.
Governor Olayemi Cardoso disclosed that gross external reserves stand at 34.51 billion dollars.
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