CBN hikes interest rates to combat soaring inflation

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After a two-day deliberation, the Monetary Policy Committee (MPC) of the bank has decided to hike the Monetary Policy Rate (MPR) for the third consecutive time.

This move is aimed at curbing the skyrocketing inflation rates, which stood at 33.69% in April 2024.

The chairman of the MPC, who also serves as the CBN governor, stated that the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBS) remains at 45 per cent. Additionally, the asymmetric corridor around the MPR has been set at +100 and -300 basis points.

Stay tuned for more updates…

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