The Monetary Policy Committee (MPC) of The Central Bank of Nigeria (CBN) has increased the benchmark interest rate by 150 basis points to 26.25% from 24.75%.
This was stated by the Governor of the CBN, Yemi Cardoso at the press briefing following the 295th MPC meeting of the bank.
The Central Bank of Nigeria kept the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) at 45% and put the Asymmetric corridor around the MPR at +100 and –300 basis points.
As of April, Nigeria’s inflation rate had risen to 33.69 per cent and this increase in the basis points must have been a reaction to that.