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.
