CBN raises interest rate to 26.25%

CBN raises interest rate to 26.25%

Nike Popoola

The Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points from 24.75 per cent to 26.25 per cent.

The CBN Governor, Olayemi Cardoso, announced this after the two-day Monetary Policy Committee (MPC) meeting which ended on Tuesday in Abuja.

The committee retained the asymmetric corridor around the MPR at +100/-300 basis points.

It adjusted the Standing Deposit Facility (SDF) rate to 23.25 per cent, and the Standing Lending Facility (SLF) borrowing rate to 27.25 per cent.

The Liquidity Ratio (LR) was retained at 30.00 per cent.

Cash Reserve Ratio (CRR) was also retained at 45.00 per cent.