The Central Bank of Nigeria’s (CBN) Monetary Policy Committee has hiked the interest rate by 150 basis points, from 24.75% to 26.25%.

Following a two-day meeting, the bank’s Monetary Policy Committee (MPC) agreed to raise the Monetary Policy Rate (MPR) for the third time in a row in order to control the country’s high inflation rate of 33.69% in April 2024.

MPC chairman and CBN governor Yemi Cardoso, however, stated that the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBS) remained at 45%. It also shifted the Asymmetric Corridor around the MPR by +100 and -300 basis points.

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