CBN Raise Interest Rate To 27.25%

The Central Bank of Nigeria, has raised the monetary policy rate from 26.75% to 27.25%.

This was contained in a short social media post made by the Apex bank on Tuesday. 

It reads “The Monetary Policy Committee (MPC) voted to raise Monetary Policy Rate (MPR) by 50 basis points from 26.75% to 27.25%; raise Cash Reserve Ratio (CRR) by 50 basis points from 45% to 50% for Deposit Money Banks (DMBs) and from 14% to 16% for Merchant Banks. The committee retains the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.”

Details later…..