The Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points from 24.75 percent to 26. 25 per cent.
Olayemi Cardoso, CBN’s Governor, announced the rate adjustment at a news conference on Tuesday during the committee’s 295th meeting in Abuja. This is coming following a two-day meeting of the bank’s Monetary Policy Committee (MPC).
The MPC agreed to increase the Monetary Policy Rate (MPR) for the third straight time to control soaring inflation levels which hit 33.69% in April 2024.
Central Bank Governor Yemi Cardoso who chairs the committee said the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBS) stays at 45 per cent. The Asymmetric Corridor around the MPR at +100 and –300 basis points.
Details shortly…