Again, CBN’s MPC raises interest rate, now 27.5%

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates in the country to 27.50 percent — from 27.25 percent.

This followed the meeting of the MPC of the CBN on Tuesday.

The monetary policy rate measures the benchmark interest rate.

This marks the sixth interest rate hike in the past eight months.

READ ALSO: CBN lists factors affecting confidence In Nigeria’s economy

The CBN governor Yemi Cardoso announced this in Abuja on Tuesday during the last MPC meeting of the year at the apex 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.

The CBN chief also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now