More
    HomeEconomyCBN Raises Interest Rate to 27.75% Amid Persistent Inflation

    CBN Raises Interest Rate to 27.75% Amid Persistent Inflation

    Published on

    By Milcah Tanimu

    On July 23, 2024, the Central Bank of Nigeria (CBN) increased the monetary policy rate (MPR) to 27.75%, up from 26.25%. This decision was announced by CBN Governor Olayemi Cardoso at the conclusion of the monetary policy committee’s 296th meeting in Abuja.

    The adjustment comes in response to Nigeria’s inflation rate, which recently surged to 34.19% due to rising food prices. The MPR serves as the baseline interest rate for the economy, influencing all other interest rates.

    In addition to raising the MPR, the committee also decided to adjust the asymmetric corridor to +500 and -100 basis points around the MPR. The cash reserve ratio (CRR) remains at 45%, and the liquidity ratio is maintained at 30%.

    The CBN’s move reflects ongoing concerns about inflation and aims to stabilize the economic environment.

    Latest articles

    Insecurity: North under siege, drowning in blood —NEF cries out

    The Northern Elders Forum (NEF) has expressed outrage over the resurgence of terrorist activities...

    North-Central APC endorses Al-Makura as national chairman

      BY TONY EZIMAKOR As the ruling All Progressives Congress (APC) begins the search for the...

    PDP Crisis: I stand by the position of S’East, NWC, BOT on NEC, Nat scribe

    Gov Mbah Says zone reserves right to review future with PDP if... Governor of Enugu...

    Dr. Obinna Nwachukwu Receives Dual Honors for Excellence in Church Service and Journalism

      By Hosea Parah,Abuja Dr. Obinna Nwachukwu, fnipr, has been celebrated for his remarkable service in...

    More like this

    Insecurity: North under siege, drowning in blood —NEF cries out

    The Northern Elders Forum (NEF) has expressed outrage over the resurgence of terrorist activities...

    North-Central APC endorses Al-Makura as national chairman

      BY TONY EZIMAKOR As the ruling All Progressives Congress (APC) begins the search for the...

    PDP Crisis: I stand by the position of S’East, NWC, BOT on NEC, Nat scribe

    Gov Mbah Says zone reserves right to review future with PDP if... Governor of Enugu...