The Central Bank of Nigeria (CBN) has announced an increase in the interest rate by 150 basis points from 24.75 per cent to 26. 25 per cent.
The Apex Bank governor, Olayemi Cardoso made this known at the press briefing following the 295th Monetary Policy Committee (MPC) meeting of the bank on Tuesday, May 21.
Cardoso, who is also the MPC chairman said the meeting was held on the 20th and 21st of May 2024 to review recent economic and financial developments and assess risks to the outlook.
In his words:
“The committee’s decisions are as follows: 1. Raise the MPR by 150 basis points to 26. 25 per cent from 24.75 per cent.”
Cardoso, however, said the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBS) was retained at 45 per cent.
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DJ CHASCOLEE 
