CBN Increases Interest Rate To 26.75% Despite Rising Inflation And Falling Standard of Living

The Monetary Policy Rate√ (MPR) increased by 50 basis points, from 26.25% to 26.75%, by the Central Bank of Nigeria (CBN) once more. 

At the Monetary Policy Committee (MPC) meeting on Tuesday in Abuja, CBN Governor Olayemi Cardoso made an announcement regarding the modifications.

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Governor Cardoso outlined the important choices made during the MPC meeting, noting: “The committee’s decisions are as follows: Raise the MPR by 50 basis points from 26.25% to 26.75%. Adjust the ASI corridor around the MPR from +100/-300 to +500/-100 basis points. Retain the cash reserve ratio of deposit money banks at 45% and merchant banks at 14%. Retain the liquidity ratio at 30%.”