CBN raises interest rate to 27.50%

The Central Bank of Nigeria has raised its Monetary Policy Rate by 25 basis points, bringing it to 27.50% from 27.25%.

This decision was disclosed by CBN Governor, Yemi Cardoso after the Monetary Policy Committee meeting in Abuja on Tuesday.

The committee’s decision was unanimous, marking another adjustment since September.

The MPC also decided to maintain the Cash Reserve Ratio at 50% for Deposit Money Banks and 16% for Merchant Banks.

The Liquidity Ratio remains at 30%, while the Asymmetric Corridor stays at +500/-100 basis points around the MPR.