The Central Bank of Nigeria (CBN) monetary policy committee has raised interest rate by 50 basis points from 26.25% to 26.75%.
The Governor of the CBN, Mr. Olayemi Cardoso announced this at the end of the apex bank’s 296th MPC meeting held in Abuja.
The MPC also pegged the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45% while that of merchant banks was put at 14%.
The liquidity ratio was pegged at 30%.
