The Central Bank of Nigeria’s Monetary Policy Committee has increased the interest rate by 50 basis points to 27.25%.
This move is likely aimed at curbing inflation and stabilizing the economy.
This was disclosed by the CBN governor, Olayemi Cardoso at the end of the MPC meeting held in Abuja.
The apex bank has also raised the Cash Reserve Ratio for commercial banks by 500 basis points, increasing it from 45% to 50%.
More to come…
