Again, CBN raises rate of interest – Blueprint Newspapers Restricted

The Central Bank of Nigeria, (CBN), has raised the financial coverage charge to 27.50 per cent, from 27.25 per cent.

This is the sixth time the CBN has raised the rate of interest since February 2024.

The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, disclosed this on the finish of the Monetary Policy Committee assembly in Abuja this afternoon.

Cardoso mentioned the MPC voted unanimously to boost the MPR by 25 foundation factors from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

“The Committee was unanimous in its agreement to raise the monetary policy rate by 25 basis points to 27.50 percent,” Cardoso mentioned.

The CBN chief additionally mentioned the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 foundation factors across the MPR.

“The considerations of the meeting were held on the backdrop of renewed inflationary pressures as the headline food and core measures rose year on year in October 2024.

“Members therefore agreed unanimously to remain focused on addressing price developments,” Cardoso mentioned.