The Central Bank of Nigeria has raised the Monetary Policy Rate (MPR) from 22.75 percent to 24.75 percent.

MPR is a short-term, often overnight rate that banks charge one another to borrow funds. This decision was announced at the Monetary Policy Committee (MPC) meeting chaired by Olayemi Cardoso, the governor.

The committee raised the MPR by 200 basis points to 24.75 percent, while retaining the asymmetric corridor at +100 basis points and -300 basis points around the MPR. The Cash Reserve Ratio (CRR) was also retained at 45 percent, and the liquidity rate at 30 percent. This meeting was the second MPC meeting of 2024 and the 294th meeting overall.