Thursday, July 25, 2024
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HomeFinanceCBN Raises Interest Rate to 26.25% Amidst Economic Hardship 

CBN Raises Interest Rate to 26.25% Amidst Economic Hardship 

The Central Bank of Nigeria (CBN) has opted to increase the Monetary Policy Rate (MPR) to 26.25%, marking a 150 basis points rise from its previous level of 24.75%. This announcement came following the conclusion of the 295th Monetary Policy Committee (MPC) meeting held in Abuja.

 

Governor Olayemi Cardososo addressed the press, highlighting the MPC’s decision to maintain the asymmetric corridor at +100/-300 basis points. Additionally, the committee opted to retain the Cash Reserve Ratio (CRR) of Deposit Money Banks at 45% and the Liquidity Ratio at 30%.

 

The move signals the CBN’s proactive stance in addressing economic challenges and inflationary pressures. With global economic uncertainty looming and domestic inflationary trends on the rise, the decision to raise interest rates underscores the bank’s commitment to stabilizing the economy and safeguarding the purchasing power of the Nigerian currency.

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