THE Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points from 24.75 per cent to 26. 25 per cent.
At the end of a two-day meeting, the apex bank’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate (MPR) for the third straight time to rein in the soaring inflation levels put at 33.69 per cent in April this year.
Chairman of the MPC and CBN Governor, Mr. Yemi Cardoso, however, said the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBS) was at 45 per cent, and the Asymmetric Corridor around the MPR at +100 and -300 basis points.
