CBN further increases interest rate by 50 basis to 27.25%

Sept. 24, 2024

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further increased the Monetary Policy Rate (MPR) by 50 basis points to 27.25 per cent from 26.75 per cent.

The Governor of the CBN, Yemi Cardoso, made this known on Tuesday in Abuja, while reading the communiqué from the 297th meeting of the MPC.

Cardoso announced that the committee also decided to raise the Cash Reserved Ratio (CRR) by 50 basis points from 45 per cent to 50 per cent for Deposit Money Banks (DMBs), while it is 14 per cent to 16 per cent for merchant banks.

The committee, however retained the Liquidity Ratio at 30 per cent, and also retained the Assymetric Corridor at +500/-100 basis points around the MPR. (NAN)