Interest Rate Jumps to 26.75% as Monetary Authority Tightens Policy
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria’s (CBN) has raised the baseline interest rate by 50 basis points to 26.75% from 26.25%.
This decision was made at the end of its 296th meeting on July 22-23, 2024, attended by eleven members.
The committee also adjusted the asymmetric corridor around the MPR to +500/-100 from +100/300 basis points, retained the Cash Reserve Ratio of Deposit Money Banks at 45.00% and Merchant Banks at 14%, and retained the Liquidity Ratio at 30.00%.
The MPC noted the persistence of food inflation, which continues to undermine price stability, and expressed its resolve to take necessary measures to bring inflation under control.