Business

BREAKING: CBN further jacks up interest rate to 27.25%

BREAKING: CBN further jacks up interest rate to 27.25%

In a recent move to address economic concerns, the Central Bank of Nigeria (CBN) has elevated the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.75% to 27.25%.

This decision was announced following the 297th meeting of the Monetary Policy Committee (MPC) held in Abuja.

Alongside the MPR hike, the CBN has adjusted the asymmetric corridor to +500 and -100 basis points and increased the cash reserve ratio from 45% to 50%.

READ ALSO:

CBN Governor Olayemi Cardoso highlighted that the committee reached a consensus on the need for tighter monetary policy measures.

Of the 12 MPC members, 11 were present at the meeting, reflecting a broad agreement on the policy adjustments aimed at stabilizing the Nigerian economy.

BREAKING: CBN further jacks up interest rate to 27.25%

AddThis Website Tools
Trends Admin

Recent Posts

Costs of calls, data to go up, FG confirms

Costs of calls, data to go up, FG confirms Users of telecommunication services in Nigeria…

30 seconds ago

EFCC saved 79-year-old grandma from Abuja land grabbers – Group

EFCC saved 79-year-old grandma from Abuja land grabbers - Group The Economic and Financial Crimes Commission (EFCC)…

19 minutes ago

Tinubu splits Nigerian Aviation College into six campuses

Tinubu splits Nigerian Aviation College into six campuses President Bola Tinubu has announced the division of…

23 minutes ago

How Iraqi taskmaster maltreated Nigerian lady – NAPTIP DG

How Iraqi taskmaster maltreated Nigerian lady - NAPTIP DG The Director General of the National Agency for…

27 minutes ago

Man jailed 6 months over mob action against FRSC team

Man jailed 6 months over mob action against FRSC team A Chief Magistrate Court in Jimeta, Yola,…

35 minutes ago

Emefiele to stand trial in $4.5bn, N2.8bn case, court rules

Emefiele to stand trial in $4.5bn, N2.8bn case, court rules Justice Rahman Oshodi of the Ikeja…

40 minutes ago