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CBN continues aggressive tightening, raises lending rate to 26.25%

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2 months ago

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has raised the country’s baseline lending rate by 150 basis points to 26.25 per cent.

Mr Yemi Cardoso, the Governor of CBN said this on Tuesday in Abuja, while reading the communique from the 295th meeting of the MPC.

NEWSVERGE reports that this is the third consecutive tightening of the lending rate, known as the Monetary Policy Rate (MPR) by the MPC under Cardoso.

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Kadiri Abdulrahman

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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