By The Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points from 24.75 per cent 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 chairman of the MPC, Mr Yemi Cardoso who is also the CBN governor however said the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBS) at 45 per cent. It also put the Asymmetric Corridor around the MPR at +100 and –300 basis points.
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