BREAKING: CBN raises interest rate to 26.25% for the third time in 2024

That is the third consecutive time the apex financial institution shall be elevating the benchmark fee this 12 months.

The apex financial institution has now raised rates of interest 11 consecutive occasions since Might 2022 in a bid to rein inflation.

Nevertheless, between Might 2022 and April 2024, inflation soared from 17.71 % to 33.69 %.

Chatting with journalists, Cardoso stated the committee retained the uneven hall at +100 foundation factors and -300 foundation factors across the MPR.

He stated MPC additionally retained the money reserve ratio (CRR) at 45 % for deposit cash banks (DMBs) and 14 % for service provider banks.

Based on the apex financial institution governor, the liquidity ratio (LR) was left unchanged at 30 %.