Amid Inflation, See what CBN Raises Interest Rate to
In Response to Inflation, CBN Increases Interest Rate to 26.75%
The Central Bank of Nigeria (CBN) has increased the interest rate by 50 basis points, moving it from 26.25% to 26.75%.
This announcement was made by CBN Governor Mr. Olayemi Cardoso following the conclusion of the bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja.
Additionally, the MPC set the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45%, while merchant banks’ CRR was established at 14%. The liquidity ratio remained at 30%.
