News

May 21, 2024

CBN raises interest rate to 26.25%

CBN has cleared another $400 million of valid FX backlog  — Cardoso

CBN Governor, Yemi Cardoso

By Babajide Komolafe

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

Briefing the press on the outcome of the 295th Monetary Policy Committee (MPC) meeting in Abuja, the Governor of CBN, Mr. Olayemi Cardososo, also announced that the committee retained the asymmetric corridor of +100/-300 basis points.

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

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