JUST IN: CBN RAISES INTEREST RATE TO 26.25%
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The Central Bank of Nigeria (CBN) has raised the interest rate to 26. 25 per cent.
Following a two-day meeting, the bank’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate(MPR) for the third straight time to rein in the country’s soaring inflation levels pegged at 33.69% in April 2024.
“The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 295th meeting on the 20th and 21st of May 2024 to review recent economic and financial developments and assess risks to the outlook,” the CBN Governor Yemi Cardoso who is also the MPC chairman said.
“Decisions of the MPC. The committee’s decisions are as follows: 1. Raise the MPR by 150 basis points from 24.75 per cent to 26. 25 per cent.”
Cardoso, however, said the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBS) was retained at 45 per cent. The MPC also put the Asymmetric Corridor around the MPR at +100 and –300 basis points.
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