The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate for the third straight time by 150 basis points from 24.75 per cent to 26. 25 per cent. 

The CBN Governor Yemi Cardoso who is also the Monetary Policy Committee (MPC) chairman said the committee at its 295th meeting retained the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBS) at 45 per cent, and pegged the Asymmetric Corridor around the MPR at +100 and –300 basis points, but retained the liquidity ratio at 30 per cent.

Cardoso, who admitted the rising inflation levels in the country currently pegged at 33.69% in April 2024, said the inflation pressure is being driven largely by food inflation, rising costs of transportation, infrastructure challenges, insecurity, and exchange rate issues.

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