CBN Increases Interest Rate To 26.5 Percent

The Central Bank of Nigeria (CBN) has has increased the Monetary Policy Rate by 150 basis points to 26.25 Per cent from 24.75 percent.

The CBN Governor, Yemi Cardoso announced the increment at Monetary Policy Committee meeting held on Tuesday.

He also announced that the committee retained the asymmetric corridor of +100/-300 basis points.

The MPC however retained the Cash Reserve Ratio (CRR) of Deposit Money Banks at 45 percent, and the Liquidity Ratio at 30 per cent.