CBN Increases interest rate to 27.50%
Ewache Ajefu
The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has increased the monetary policy rate (MPR), which benchmarks interest rates in the country from 27.25 percent to 27.50 percent.
Governor of the apex bank Yemi Cardoso announced the development in Abuja on Tuesday, during the last MPC meeting of the year at the bank’s headquarters.
Cardoso said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
Cardoso also said the MPC retained the Liquidity Ratio at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
