The Central Bank of Nigeria (CBN) has increased the interest rate by 150 basis points, raising it from 24.75% to 26.25%.
This decision was made following a two-day meeting of the bank’s Monetary Policy Committee (MPC) to address the country’s escalating inflation, which reached 33.69% in April 2024.
CBN Governor and MPC Chairman, Yemi Cardoso, announced the hike, marking the third consecutive increase in the Monetary Policy Rate (MPR).
He also stated that the Cash Reserve Ratio (CRR) for Deposit Money Banks (DMBs) remains at 45%, with the Asymmetric Corridor around the MPR set at +100 and -300 basis points.
Details later…
