CBN RAISES INTEREST RATE TO 27.25 PERCENT
Afia Radio
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1min
The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the monetary policy rate, which measures the benchmark interest rate, to 27.25 percent.
Addressing newsmen after the committee’s fifth meeting for the year at the CBN headquarters on Tuesday in Abuja, the governor of the apex bank, Olayemi Cardoso, said the committee members unanimously decided to further tighten monetary policy.
He added that, The MPC decided to retain the asymmetric corridor around the MPR at plus 500 to minus 100 basis points.
Meanwhile, the new rate reflects an 8.5 percent increase in interest rates under the current leadership, which took office a year ago.
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