The CBN has increased interest rates to 27.50%.

The Central Bank of Nigeria’s (CBN) monetary policy committee (MPC) increased the monetary policy rate (MPR), which serves as the nation’s benchmark for interest rates, from 27.25 percent to 27.50 percent.CONTINUE FULL READING>>>>>

The announcement was delivered by CBN Governor Yemi Cardoso in Abuja on Tuesday, November 26, at the apex bank’s headquarters during the year’s final MPC meeting.

According to Cardoso, the MPC unanimously decided to keep the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks, while increasing the MPR by 25 basis points, from 27.25% to 27.50%.

The head of the CBN added that the MPC kept the Asymmetric Corridor at +500/-100 basis points around the MPR and the Liquidity Ratio (LR) at 30%.CONTINUE FULL READING>>>>>