Central Bank of Nigeria Raises Benchmark Interest Rate to 26.75%

Abuja, Nigeria

The Central Bank of Nigeria (CBN) has raised its benchmark interest rate by 50 basis points, bringing it to 26.75%. This decision was made by the CBN’s Monetary Policy Committee, which increased the rate from the previous 26.25%.

Additionally, the Committee has decided to maintain the Cash Reserve Ratio for deposits at 45%. This move is part of the CBN’s ongoing efforts to manage inflation and stabilize the Nigerian economy.

Speaking at the media briefing, Cardoso said the committee members voted to hike the rate by 50 basis points to 27.75 percent, adjust the asymmetric corridor to +500 and -100 basis points around the MPR, retain the cash reserve ratio (CRR) at 45 percent, and liquidity ratio at 30 percent.