Regulatory Alerts2025-12-09
NDIC Quarterly Vol 39 No 3&4 2024 – Review of Macroeconomic Developments in the Third Quarter of 2024
The Central Bank of Nigeria significantly tightened monetary policy in Q3 2024 by raising the Monetary Policy Rate (MPR) twice to 27.25%, adjusting the asymmetric corridor, and increasing the Cash Reserve Ratio (CRR) for Deposit Money Banks to 50% to combat elevated inflation. Concurrently, the CBN issued new circulars mandating financial institutions to transfer unclaimed balances after 10 years of dormancy to a CBN-managed trust fund and operationalized an adjusted Standing Deposit Facility (SDF) rate. Nigeria's economy grew by 3.46% in Q3 2024, boosted by the oil and service sectors, even as the Naira depreciated, public debt rose to N142.31 trillion, and inflation, though still high, showed marginal moderation.
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