The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate by 150 basis points, from 24.75% to 26.25%.
This decision is part of ongoing efforts to achieve price stability and curb inflation.
The committee also maintained the asymmetric corridor at +100 and -300 basis points, with the Cash Reserve Ratio (CRR) staying at 45% and the liquidity ratio at 30%.
CBN Governor, Olayemi Cardoso, emphasized that the primary focus is to stabilize prices and manage inflation effectively. This latest adjustment marks the third MPC meeting since Cardoso took office, during which the Monetary Policy Rate (MPR) has seen a total increase of 600 basis points, following earlier hikes in February and March sessions.
The continuous adjustment in the interest rate reflects the CBN’s proactive approach to controlling inflation and ensuring economic stability in Nigeria.
