The Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points, increasing it from 24.75 percent to 26.25 percent.
Following a two-day meeting, the bank’s Monetary Policy Committee (MPC) decided to increase the Monetary Policy Rate (MPR) for the third consecutive time in an effort to curb the country’s soaring inflation, which reached 33.69 percent in April 2024.
ALSO READ: Ex-CBN director predicts increase in lending rate
Yemi Cardoso, the chairman of the MPC and governor of the CBN, announced that the Cash Reserve Ratio (CRR) for Deposit Money Banks (DMBs) remains unchanged at 45 percent. Additionally, the Asymmetric Corridor around the MPR is set at +100 and -300 basis points.
More details to follow…
