Monetary Policy Committee (MPC) of Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) again by 25 basis points to 27.50 percent from previous rate of 27.25 percent.
Gatekeepers News reports that CBN Governor, Yemi Cardoso announced this during a press conference on Tuesday.
Cardoso said the MPC retained Cash Reserves Ratio (CRR) for Deposit Money Banks (DMB) and 16 percent for Merchant Banks.
He noted that foreign reserves now stand at $40.88 billion enough to finance 17 months of imports.
This is a developing news…
