CBN raises lending rate to  26.75%

CBN raises lending rate to  26.75%

Nike Popoola

The Central Bank of Nigeria (CBN), on Tuesday, raised the Monetary Policy Rate (MPR) by 50 basis points to 26.75 per cent from 26.25 per cent.

The Governor, Central Bank of Nigeria, Olayemi Cardoso, made the announcement after the Monetary Policy Committee (MPC) of the CBN held its 296th meeting on the 22nd and 23rd of July 2024, to review recent economic and financial developments as well as assess risks to the outlook. 

Eleven members attended the meeting.

Making the announcement, Cardoso said the MPC decided to, “Raise the MPR by 50 basis points to 26.75 per cent from 26.25 per cent; Adjust the asymmetric corridor around the MPR to +500/-100 from +100/- 300 basis points; Retain the Cash Reserve Ratio of Deposit Money Banks at 45.00 per cent and Merchant Banks at 14 per cent; and Retain the Liquidity Ratio at 30.00 per cent.”