The Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate by 50 basis points, from 26.25% to 26.75%.

Announcing this after the apex bank’s 296th Monetary Policy Committee meeting in Abuja, CBN Governor, Olayemi Cardoso, said the committee also pegged the Cash Reserve Ratio for Deposit Money Banks at 45% while that of merchant banks was put at 14% and the liquidity ratio was also fixed at 30%. 

Cardoso told journalists that recent events in the economy, such as inflation and the need to stabilize the foreign exchange market, as rationale for the increase.

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