The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso wants Nigerians to know that the bank is not responsible for the current economic hardship they are facing.
Speaking after his first Monetary Policy Committee (MPC) meeting, Cardoso absolved the CBN of any culpability in the current economic woes of the country, after the bank raised its interest rate, known as the Monetary Policy Rate (MPR) to 22.75 percent.
Cardoso said the cash reserved ratio was increased to 45 percent, with all decisions geared at mopping up excess naira liquidity and restoring confidence in the economy.
“All 12 members of the committee decided to further tighten monetary policy by raising the MPR by 400 basis points to 22.75 per cent from 18.75 per cent. Adjust the asymmetric corridor around the MPR to +100 to -700 from plus 100 to -300 basis points,” he said.
The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023.
With inflation at 29.90 percent, he said the new MPR is part of moves to tackle the country’s inflation.
