Again, CBN raises interest rate

The Central Bank of Nigeria has again raised its benchmark lending rate to 27.50 per cent from 27.25 per cent.

This marks the sixth interest rate hike this year, resulting in a cumulative increase of 875 basis points.

The Monetary Policy Committee (MPC) of the bank stated that its unanimous decision was aimed at maintaining price stability.

CBN Governor Olayemi Cardoso disclosed this while addressing journalists at the end of a two-day MPC meeting held in Abuja.

The benchmark rate is the standard interest rate set by central banks, used to guide lending rates and influence economic activities, inflation, and financial stability.

The central bank also retained the asymmetric corridor around the MPR +500 to -100 basis points.

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Mr Cardoso said the committee voted to retain the Cash Reserve Ratio (CRR) at 50 per cent for commercial banks, while maintaining the CRR of merchant banks at 16 per cent.

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The committee also voted to retain the liquidity ratio at 30 per cent.

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