Again, the Monetary Policy Committee of the Central Bank of Nigeria, on Tuesday, revealed that the benchmark interest rate has been raised to 26.25 percent.
This was disclosed by the Governor of the CBN, Mr. Yemi Cardoso, who doubles as the Chairman of the MPC at the end of the 295th MPC meeting held in Abuja.
It was gathered that the benchmark rate had been increased by 200 basis points from 22.75 per cent to 24.75 per cent.
Addressing newsmen on the outcome of the 295th Monetary Policy Committee (MPC) meeting, Cardoso, also announced that the committee retained the asymmetric corridor of +100/-300 basis points.
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Similarly the MPC retained the Cash Reserve Ratio (CRR) of Deposit Money Banks at 45 percent, and the Liquidity Ratio at 30 per cent
More details coming…