CBN Raises Interest Rate To 24.75 Percent

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent.

This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja.

The new interest rate is a jump from the 22.75 percent announced by the MPC about a month ago and the second rate hike by the current committee.

According to him, the Cash Reserve Ratio (CRR) is now at 45% and increased the asymmetric corridor to +100bps/-300 basic points.

He said the move is part of efforts to combat the country’s rising inflationary rate which was pegged at 31.70 percent in February.