The Central Bank of Nigeria (CBN) monetary policy committee has raised interest rate by 50 basis points from 26.25% to 26.75%.
The Governor of the CBN, Mr. Olayemi Cardoso announced this at the end of the 296th Monetary Policy Committee meeting held in Abuja.
The MPC also retained the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45% while that of merchant banks was put at 14%.
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