BREAKING: Again, CBN Raises Interest Rate, Now 27.65%

The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate, this time to 27.65 per cent., from the 26.25 per cent that it was in May.

This was disclosed by the Governor of the CBN, Olayemi Cardoso, at the end of the 296th MPC meeting in Abuja on Tuesday.

The MPC also known as the interest rate could be critical to controlling inflationary trends in the economy.

The MPC adjusted the asymmetric corridor around the MPR from +100 to -300 to +500 to -100 basis points, while retaining the Cash Reserve Ratio (CRR)  at 45% and merchant banks at 14%.

The apex bank also retained the Liquidity Ratio at 30%.

He announced September 23 and 24 as the next meeting of the MPC.

The Eagle reports that interest rate stability is key in any economy as it enables key players to project and follow through their plans.

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