CBN raises interest rate to 26.75% amid inflation

The Central Bank of Nigeria (CBN) monetary policy committee has raised interest rate by 50 basis points from 26.25% to 26.75%.  

The Governor of the CBN, Mr. Olayemi Cardoso announced this at the end of the apex bank’s 296th MPC meeting held in Abuja on Tuesday, July 23.

The MPC also pinned the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45% and pegged that of merchant banks at 14%.  

Cardoso said the committee was mindful of the effect of rising prices on households and businesses and promised to bring inflation under control.

He added that despite the June 2024 uptick in inflation, prices are expected to level out in the near term