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By Olamilekan Adigun
The Central Bank of Nigeria has again increased the benchmark lending rate to 27.25 per cent
The Monetary Policy Committee of CBN agrees on the increase during a meeting in Abuja.
The committee also retains asymmetric corridor to +500 and -100, raised cash reserve ratio from 45 per cent to 50 per cent.
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.
He noted that 11 of the 12 members were in attendance at the meeting.
The apex bank had in July 2024 increased the benchmark lending rate to 26.75 per cent.
The MPC had maintained a hawkish stance to tame inflation since it resumed meeting this year and thus far, it has hiked rate by more than 500 points.
The rate was raised to 26.25 per cent in May.
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