CBN hikes interest rate to 27.25%

The Central Bank of Nigeria (CBN) has again raised the Monetary Policy rate by 50 basis points to 27.25 from 26.75 percent.

The committee also retains asymmetric corridor to +500 and -100, raise cash reserve ratio from 45 percent to 50 percent.

Briefing newsmen at the end of the 297th MPC in Abuja, the CBN Governor, Olayemi Cardoso, said the committee was unanimous in further Tightening of monetary policy.

Eleven (11) of the 12 members were in attendance