CBN increases interest rate from 24.75% to 26.25%

The Monetary Policy Committee of the Central Bank of Nigeria (CBN), on Tuesday, announced the increase in the benchmark interest rate from 24.75 per cent to 26.25 per cent while retaining the asymmetric corridor at +100 and -300 basis points.

The MPC also retained the Cash Reserved Ratio at 45 per cent and liquidity ratio at 30 per cent.

Olayemi Cardoso, the CBN Governor, doubled as the chairman of the committee while disclosing this at the end of the 295th MPC meeting held in Abuja, said the focus remains to achieve price stability in a bit to rain in inflation.

This is the third MPC meeting since Cardoso assumed office.

The Monetary Policy Rate increased by 600 basis points during the sessions in February and March.

Details later…