CBN raises interest rate again, now to 27.50%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate (MPR) by 25 basis points to 27.50 percent from the previous rate of 27.25 percent.

Mr Yemi Cardoso Central Bank of Nigeria Governor who announced this at a press conference on Tuesday said the MPC retained the Cash Reserves Ratio (CRR) for Deposit Money Banks (DMB), and 16 percent for Merchant Banks.

Cardoso said the measures aim to stabilize the economy and manage inflationary pressures.

The CBN governor also hailed the strength of Nigeria’s foreign reserves, which currently stand at $40.88 billion, adding that it is sufficient to cover 17 months of imports.