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.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
Folakemi Falana, daughter of human rights lawyer Femi Falana, has berated social media influencer, Martins…
The Media Office of former Kogi State Governor, Yahaya Bello has appealed to President Bola…
Investigation into the alleged N33.8bn fraud brought against a former power minister, Saleh Mamman, showed…
Zazuu crooner Habeeb Okikiola, popularly known as Portable, has advised controversial cross-dresser Idris Okuneye, also…
●25 Arrested For Blocking Netanyahu's Motorcade Police in New York arrested more than two…
Patience Umo Eno, the first lady of Akwa Ibom state, has died after an illness.…
This website uses cookies.