The Central Bank of Nigeria (CBN) has further raised the Monetary Policy Rate (MPR) to 27.50 per cent, following the rising inflation in the country.
The apex bank took the decision at the 295th Meeting of the Monetary Policy Committee (MPC) held in Abuja on Tuesday.
The committee had at its September meeting unanimously voted to raise the benchmark interest rate to 27.25 per cent considering surging inflation.
The new rate indicates that the MPR was raised by a 25 basic point.
Speaking at the end of the meeting on Tuesday, CBN Governor, Yemi Cardoso said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25 per cent to 27.50 per cent.
He disclosed that the Cash Reserve Ratio (CRR) was unanimously voted to be retained at 50 per cent for Deposit Money Banks (DMB) and 16 per cent for Merchant Banks.
He also stated that the MPC retained the Liquidity Ratio (LR) at 30 per cent and Asymmetric Corridor at +500/-100 basis points around the MPR.
