BREAKING: CBN Raises Interest Rate To 27.50%

The Central Bank of Nigeria (CBN), on Tuesday, said it raised the country’s interest rate to 27.50 per cent from 27.25 per cent in September 2024.

The development is contained in a statement issued by the CBN Governor, Yemi Cardoso in Abuja during the last Monetary Policy Committee (MPC) meeting of the year at the apex bank’s headquarters.

Cardoso, while speaking at the meeting 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.

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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.

“The Committee was unanimous in its agreement to raise the monetary policy rate by 25 basis points to 27.50 per cent,” he said.