BREAKING: CBN increases interest rate to 16.5% to tame inflation
on Tuesday raised its benchmark lending rate to 16.5 per cent in a sustained push to control inflation and ease pressure on the naira.
Cash reserves ratio is the share of a bank’s total customer deposit that must be kept with the central bank in the form of liquid cash, while bank’s liquidity ratio is the proportion of deposits and other assets they must maintain to be able to meet short-term obligations. The CBN has equally continued to face the daunting task of reducing the currency in circulation, while curbing the rising cost of goods and services across the country.
A higher interest rate will raise the cost of borrowing for businesses, and may make goods and services even more expensive for the consumers as the yuletide season approaches.
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