BREAKING: CBN raises interest rate by 50 basis points to 27.25%

The Central Bank of Nigeria (CBN) Monetary Policy Committee has decided to further raise interest rate by 50 basis points to 27.25%.  

The Governor of the CBN who doubles as the Chairman of the MPC disclosed this at the end of the MPC meeting held in Abuja.  

The apex bank further increased the Cash Reserve Ratio (CRR) of commercial banks by 500 basis points from 45% to 50%.