The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has raised the interest rate by 150 basis points from 24.75 percent to 26.25 percent.
The 295th MPC meeting took place this week after which the CBN governor, Yemi Cardoso addressed a news conference in Abuja on Tuesday.
Cardoso also announced that the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) remains unchanged at 45 percent.
The Asymmetric Corridor around the MPR is at +100 and -300 basis points.
The CBN’s interest rate is the rate at which the apex bank lends to Deposit Money Banks.
