Again, CBN jacks up interest rate

The Monetary Policy Committee of the Central Bank of Nigeria has again raised the benchmark interest rate by 150 basis point from 24.75 percent to 26.25 percent.

The committee also retained asymmetric corridor at +100 and -300 basis point.

The MPC also retained the Cash Reserved Ratio at 45 percent and liquidity ratio at 30 percent.

CBN Governor, Olayemi Cardoso, said the focus remains to achieve price stability in a bit to rain in inflation.

This is the third MPC meeting since Cardoso assumed office.

The Monetary Policy Rate increased by 600 basis points during the sessions in February and March.