The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate (MPR) by 25 basis points to 27.50 percent from the previous rate of 27.25 percent.
The CBN governor, Yemi Cardoso announced this at a press conference on Tuesday saying the Moneyary Policy Committee, MPC retained the Cash Reserves Ratio (CRR) for Deposit Money Banks (DMB), and 16 percent for Merchant Banks.
The CBN governor said foreign reserves now stand at $40.88 billion enough to finance 17 months of imports
