The Central Bank of Nigeria (CBN) has made some clarifications on the monetary, credit, foreign trade and exchange policy guidelines for the fiscal years 2024 and 2025, with regards to the Policy circular No. 45, which dwelt on Cyber Security Levy, reports ITREALMS.
This is coming as CBN has temporarily withdrawn the said circular No. 45 to minimise further risk of misinterpretation.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the Monetary Policy Rate (MPR) to 26.25 per cent, reports ITREALMS.
The Committee arising from its 295th meeting on the 20th and 21st of May 2024 to review recent economic and financial developments and assess risks to the outlook decided that to raise the MPR by 150 basis points to 26.25 per cent from 24.75 per cent; retain the asymmetric corridor around the MPR to +100/-300 basis points; retain the Cash Reserve Ratio of Deposit Money Banks at 45.00 per cent; and retain the Liquidity Ratio at 30.00 per cent.
