The Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25% and increased the Cash Reserve Ratio (CRR) for banks. These measures aim to combat inflation and stabilize the Nigerian economy. The CBN governor, Olayemi Cardoso, stated that the reforms implemented have restored the bank’s credibility and boosted stakeholder confidence. He also emphasized the need for further economic diversification to boost foreign exchange and expressed optimism about the impact of the Dangote Refinery on transportation costs and foreign exchange pressure.
