Again, CBN Increases Interest Rate

The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark lending rate to 27.25 per cent

The committee also retains asymmetric corridor to +500 and -100, raise cash reserve ratio from 45 percent to 50 percent.

Briefing newsmen at the end of the 297th MPC in Abuja, the CBN Governor, Olayemi Cardoso, said the committee was unanimous in further Tightening of monetary policy.

11 of the 12 members were in attendance

Osun Defender recalls that the apex bank had in July 2024 had increased the benchmark lending rate to 26.75 per cent.

READ ALSO

•CBN Defies N’Assembly, Maintains 5% Ways And Means

•CBN Dragged To Court Over Missing N100bn Dirty Notes

The MPC had maintained a hawkish stance to tame inflation since it resumed meeting this year and thus far, it has hiked rate by more than 500 points.

The rate was raised to 26.25 per cent in May.