The Central Bank of Nigeria (CBN) on Tuesday raised its benchmark interest rate by 150 basis points to 26.25 percent with the intent to curb the persistent rising prices of goods and services due to inflation and to ensure the stability of the naira.
The Monetary Policy Committee (MPC) meeting had a two-day assembly in Abuja, and agreed to hold other parameters unchanged. The benchmark interest rose to 26.25 per cent. Consequently, the CBN retained the asymmetric corridor around the MPR at +100/-300 basis points, cash reserve ratio (CRR) at 35 percent, and retained the liquidity ratio (LR) at 30 percent.

Key Developments

1. Domestic headline inflation rose to 33.69 per cent in April from 33.2 per cent 33.2 per cent in March 2024
2. Month-on- month headline inflation dwindled to 2.29 per cent in April from 3.02 per cent in March 2024
3. PMI suggests economic activities will continue to expand in 2024
   The next communique will hold on the 22nd -23rd of July 2024.