CBN Hikes Interest Rate To 26.75%, Retains CRR And Liquidity

The Central Bank of Nigeria has made the decision to raise the Monetary Policy Rate (MPR) by 50 basis points to 26.75%, while retaining the Cash Reserve Ratio (CRR) and the Liquidity Ratio at 45% and 30% respectively.

This was announced by the CBN Governor Olayemi Cardoso in a press briefing on the outcome of the Monetary Policy Committee (MPC) meeting after the committee’s 296^th meeting held in Abuja on Tuesday.

Cardoso said, “The Committee’s decisions are as follows; Raise the MPR by 50 basis points to 26.75 % form 26.25%. Adjusted the asymmetric corridor around the MPR from +100 to -300, to +500 to 100 basis points. Retain the Cash Reserve Ratio of Deposit Money banks at 45% and Merchant Banks at 14%, and retain Liquidity Ratio at 30%.”

Details to come later

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