The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has increased the country’s lending rate by 150 basis points to 26.25 per cent from 24.75 percent.
Speaking at a news conference, the governor of the CBN Olayemi Cardoso, announced the rate adjustment on Tuesday during the committee’s meeting in Abuja.
He went further to announced that the committee retained the asymmetric corridor of +100/-300 basis points and retained the Cash Reserve Ratio (CRR) of Deposit Money Banks at 45 percent, and the Liquidity Ratio at 30 per cent.
