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BREAKING: CBN increases interest rate by 150 basis points to 26.25%

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The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has increased the benchmark interest rate by 150 basis points to 26.25% from 24.75%.  

The Governor of the CBN, Yemi Cardoso stated this at the press briefing following the 295th MPC meeting of the bank.  

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Furthermore, the bank retained the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) at 45% and put the Asymmetric corridor around the MPR at +100 and –300 basis points.

 

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Details later….

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