CBN Hikes Interest Rate to 26.25%

CBN

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate by 150 basis points, raising it from 24.75% to 26.25%.

During a press briefing on the results of the 295th Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor Mr. Olayemi Cardoso revealed that the committee also decided to maintain the asymmetric corridor at +100/-300 basis points.

In addition, the MPC kept the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45% and the Liquidity Ratio at 30%.