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BREAKING: CBN raises interest rate by 50 basis points to 26.75%

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The Central Bank of Nigeria (CBN) monetary policy committee has raised interest rate by 50 basis points from 26.25% to 26.75%.  

 

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The Governor of the CBN, Mr. Olayemi Cardoso announced this at the end of the apex bank’s 296th MPC meeting held in Abuja.  

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The MPC also pegged the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45% while that of merchant banks was put at 14%.  

 

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The liquidity ratio was pegged at 30% 

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This is a developing story… 

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