Following a two-day meeting, the bank’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate (MPR) for the third straight time to rein in the country’s soaring inflation levels pegged at thirty three point six nine percent in April 2024.
Cardoso, however, said the Cash Reserve Ratio of Deposit Money Banks was retained at forty five per cent.
The CBN chief who admitted the rising inflation levels in the country said the key focus of the MPC meeting was to achieve price stability by using tools available to rein in inflation.
He said the inflation pressure is being driven largely by food inflation, citing rising costs of transportation, infrastructure challenges, security challenges, and exchange rate issues as among the factors affecting food inflation.
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