CBN raises interest rate by 50 basis points to 27.25%

The Central Bank of Nigeria (CBN) Monetary Policy Committee has made the decision to raise the interest rate by 50 basis points to 27.25%.

The Governor of the CBN, Yemi Cardoso who doubles as the Chairman of the Monetary Policy Committee (MPC)disclosed this at the end of the MPC meeting held in Abuja.

The apex bank further increased the Cash Reserve Ratio (CRR) of commercial banks by 500 basis points from 45% to 50% while that of merchant banks was increased by 200 basis points to 16%

The Governor of the CBN noted that the decision to further tighten the monetary policy was a unanimous one by members of the MPC.