The Central Bank of Nigeria (CBN) don raise the interest rate by 150 basis points, from 24.75% to 26.25%.

This decision follow two-day meeting of the bank’s Monetary Policy Committee (MPC), and na the third consecutive increase for the Monetary Policy Rate (MPR) wey dem aim to curb the country’s rising inflation wey reach 33.69% for April 2024.

CBN Governor, Olayemi Cardoso, talk say the Cash Reserve Ratio (CRR) for Deposit Money Banks (DMBs) remain unchanged at 45%. Plus, the MPC maintain the Asymmetric Corridor around the MPR at +100 and –300 basis points and keep the liquidity ratio at 30%.

Cardoso acknowledge the significant inflation pressures wey the country dey face, noting say the primary focus of the MPC meeting na to achieve price stability through the tools wey dey available to the central bank.

E highlight say the inflationary pressures dey primarily driven by food inflation, with contributing factors including rising transportation costs, infrastructure challenges, insecurity, and exchange rate volatility.

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