CBN raises interest rate to 26.25%. What does it mean for Nigerians?

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate by 150 basis points to 26.25 percent, up from 24.75 percent.

During a press briefing on the 295th Monetary Policy Committee (MPC) meeting held in Abuja, CBN Governor Mr. Olayemi Cardoso announced that the committee maintained the asymmetric corridor at +100/-300 basis points.

Additionally, the MPC retained the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45 percent and the Liquidity Ratio at 30 percent.

26.25% CBN interest rate: What does it mean for Nigerians?

1. Higher borrowing costs for loans and mortgages.
2. Reduced consumer spending due to more expensive credit.
3. Potential decrease in business investment.
4. Restricted access to credit for individuals and businesses.
5. Effort to curb inflation and stabilize the economy.
6. Possible short-term slowdown in economic growth.

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