The Central Bank of Nigeria (CBN) on Tuesday increased its benchmark interest rate, known as the Monetary Policy Rate (MPR) by 50 basis points to 27.25 percent, the fifth straight hike this year.

The CBN also raised the Cash Reserve Ratio by 500 basis point to 50 percent from 45 percent.

After the two-day Monetary Policy Committee (MPC) meeting in Abuja, Olayemi Cardoso, governor of the CBN who announced the outcome of the meeting, said the members agreed to hold other parameters unchanged.

Consequently, the CBN retained the asymmetric corridor around the MPR at +100/-300 basis points, cash reserve ratio (CRR) at 45 percent, and retained the liquidity ratio (LR) at 30 percent.

Most analysts had expected the CBN to pause rate hike following the slowing inflationary pressure and increase in foreign inflows.

Follow Our WhatsApp Channel ______________________________________________________________________________________________________

[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials

“Evidence Act: Complete Annotation” by renowned legal experts Sanni & Etti.

Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation

______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence

Interested buyers are encouraged to place their orders and enquiries via: 0704 444 4777, 0704 444 4999, 0818 199 9888 Website: www.alexandernigeria.com

______________________________________________________________________