BREAKING: CBN Hikes Interest Rate

March 26, 2024

0.8 min readCategories: Money

 

By Miracle Ogunde

In an effort to tackle rising inflation in the country, the Central Bank of Nigeria has raised the monetary policy rate, known as the interest rate, by 200 basis points per cent to 24.75 per cent from 22.75 per cent.

The new develop was disclosed on Tuesday by the apex bank Governor, Olayemi Cardoso, at the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, the Federal Capital Territory, saying the bank retained the Cash Reserve Ratio to 45 per cent.

Cardoso stressed that the move was to ensure that the country’s rising inflation rate, which stood at 31.70 per cent in February, was moderated.

Recall that the MPC raised the country’s interest rate in February to 22.75 per cent.

The 294th MPC is the second since the appointment of Cardoso in September, with the next MPC meeting expected to be held on the 20th and 21st of May, 2024.

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