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    CBN Hikes Interest Rate by 50bps to 26.75%

    Ogochukwu NdubuisiBy Updated:No Comments1 Min Read
    CBN Hikes Interest Rate by 50bps to 26.75%

    CBN Hikes Interest Rate by 50bps to 26.75%

    The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has increased benchmark interest rate by 50 basis points (50pbs) to 26.75% at its July meeting.

    The decision to increase interest was to ensure price stability, and anchor Nigeria’s rising inflation conditions to help stabilise fluctuating exchange rates across FX markets.

    The members of the apex bank committee voted to uplift the monetary policy rate from 26.25% and adjusted the asymmetric corridor to +500bps/-100bps from +100bps/-300bps at the previous meeting.

    In a unanimous decision, the CBN committee retained cash reserve ratio for Deposit Money Banks (DMBs) at 45.0%, and keep the metric for Merchant Banks at 14.0%. The committee also retain liquidity ratio at 30.0% # CBN Hikes Interest Rate by 50bps to 26.75%Banking Index Slumps during Intraday Trading on NGX

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    Ogochukwu Ndubuisi is an editorial content strategist and financial news writer at MarketForces Africa, covering a broad range of topics including Nigeria's equity markets, infrastructure development, energy, government policy, corporate finance, and digital economy.With over 2,400 published articles on MarketForces Africa, Ogochi brings depth and consistency to the publication's daily news coverage.Her reporting spans Nigerian Exchange Group market movements, Lagos State infrastructure projects, and federal government economic policies, oil and gas developments, and emerging sectors shaping Nigeria's economic landscape.She also covers Africa-wide stories, including East African market indices, continental investment trends, and cross-border economic developments.Ogochi works closely with MarketForces Africa's editorial and corporate communications teams to deliver accurate, timely, and well-researched content to the publication's professional readership.Ogochukwu Ndubuisi is based in Lagos, Nigeria.

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