The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has today concluded its two-day meeting for November 2022.
The meeting marks the sixth MPC meeting for the year 2022.
The Monetary Policy Committee (MPC) at the end of today’s meeting elected to further hike the MPR and retain other policy parameters.
The decisions reached are as follows:
- The benchmark interest rate (MPR) raised by 100bps to 16.50% from 15.50%
- The asymmetric corridor remained at +100/-700 bps around the MPR
- The cash reserve ratio retained at 32.50%; and
- The Liquidity Ratio retained at 30.00%
It will be recalled that the MPC hiked the MPR at the end of its third meeting of the year in May 2022 to 13% from 11.50%. Another hike was announced in July 2022 from 13 to 14% and a further hike in September to 15.5%
The MPC has so far raised the MPR by 500 basis points in the year 2022.
Further commentaries to follow…