CBN hikes interest rate to 22.75%


CBN Governor, Olayemi Cardoso

The Central Bank of Nigeria (CBN) on Tuesday raised the benchmark interest rate by 400 basis points to 22.75 per cent.

Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN) disclosed this after the Monetary Policy Committee (MPC) meeting in Abuja.

He said the interest rate was raised from 18.75 per cent to 22.75 percent.

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Cardoso stated that the move was in a bit to tame the stubborn inflation that had not responded much to the previous marginal increase.

The analysts also projected the MPC to make major decisions on banks’ capital requirements and liquidity ratios.

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