In a significant move, the Central Bank of Nigeria (CBN) has raised the benchmark interest rate by 150 basis points, bringing it to 26.25% from the previous 24.75%. This announcement was made by CBN Governor Yemi Cardoso during a press briefing following the bank’s 295th Monetary Policy Committee (MPC) meeting.
Additionally, the CBN has decided to maintain the Cash Reserve Ratio (CRR) for Deposit Money Banks (DMBs) at 45%. The Asymmetric corridor around the Monetary Policy Rate (MPR) has been set at +100 and –300 basis points.