Breaking: CBN increases monetary rate by 50 basis points

Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate by 50 basis points from 26.25 per cent to 26.75 per cent.

The Governor of CBN, Mr. Olayemi Cardoso disclosed this at an ongoing press conference to announce the outcome of the just concluded Monetary Policy Committee meeting in Abuja.

The bank set a new Asymmetric Corridor of +500/-100 from +100/-300 around the MPR; a Cash Reserve Ratio of 45 per cent for Deposit Money Banks and 14 per cent for Merchant Banks, while Liquidity Ratio was left at 30 per cent.

Mr. Cardoso disclosed that the Monetary Policy measures of the apex bank were yielding desired results with capital important at the end of June recording $5. 92 billion. compared with $1.77 in the same. last year.

He said that the high inflation was of great concern to the MPC which noted the insecurity in food-producing zones in the country and asked for urgent actions to address the problem.

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