The CBN (Central Bank of Nigeria) monetary policy committee has raised its interest rate from 26.25% to 26.75%.
Mr. Olayemi Cardoso, the CBN Governor announced this at the end of the apex bank’s 296th MPC meeting held in Abuja on Tuesday, July 23.
Also, the MPC 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.
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In addition, he said that despite the June 2024 uptick in inflation, prices are expected to level out in the near term.
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