Again, CBN Hikes Interest Rate To 26.25%

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BY COBHAM NSA – The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate (MPR) by 150 basis points to 26.25 Per cent from 24.75 percent.

Riding from its two-day meeting in Abuja the apex Bank’s Monetary Policy Committee (MPC) decided to raise the interest the rate (MPR) for the third consecutive time as part of efforts to curb the country’s soaring inflation.

The inflation figure hit 33.69 percent mark in April 2024 as reported by the National Bureau of Statistics (NBS).

In a media briefing on the outcome of the 295th Monetary Policy Committee (MPC) meeting in Abuja, the CBN Governor and Chairman of MPC, Olayemi Cardoso, said the Committee also retained the asymmetric corridor around the MPR at +100 and -300 basis points.

This is as the Committee further announced that the Cash Reserve Ratio (CRR) for Deposit Money Banks (DMBs) remains unchanged at 45 percent.

Details coming…

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