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The outcome of the MPC meeting on February 2024

The outcome of the MPC meeting on February 2024

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has today concluded its two-day meeting for February 2024. This meeting marks the first MPC meeting for the year 2024 and also the first meeting post-resumption of the Cardoso-led team.

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says himself and his team are not responsible for the current economic woes in the country.

He stated this on Tuesday in Abuja at the Monetary Policy Committee (MPC) meeting of the apex bank, the first since he assumed office in September 2023.

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The Monetary Policy Committee (MPC) at the end of today’s meeting elected to hike the MPR by 400 basis points

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) voted as follows:

Raise the MPR by 400bps to 22.75%
Increase the asymmetric corridor to +100bps/-700bps (Previously: +100bps/-300bps)
Increase CRR to 45.0% (Previously: 32.5%); and
Retain liquidity rate at 30.0%

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Full communique soon:

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