The committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent
The committee voted to retain the Cash Reserve Ratio at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent, on Tuesday, raised the interest rate by 200 basis points from 22.75 per cent to 24.75 per cent amid soaring inflation.
He said the committee voted to retain the Cash Reserve Ratio at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.According to him, the committee's considerations focused on the current inflationary pressures and the need to anchor inflation expectations as well as ensure sustained exchange rate stability.
"On this note, members commended the ongoing efforts of the federal government towards addressing food insecurity. Some of these measures include the provision of various palliative releases of grains from the strategic reserves, distribution of seeds and fertilisers as well as farm implements for dry season farming.
"From our perspective, the key thing for us as a Central Bank is to be fully focused on our core mandate. And that core mandate, basically, is to fight inflation and to ensure price stability. So there's no ambiguity in that and there's no compromise on that. We are very, very concerned that the purchasing power of the average Nigerian should be restored to the levels that they know it to be.
He said the committee believes that the measures taken by the central bank will gradually bring the inflationary pressure under control.
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