BREAKING: CBN Raises Interest Rate To 24.75% | READ DETAILS
The Central Bank of Nigeria, CBN has raised the Monetary Policy Rate, MPR from 22.75% to 24.75%.
CBN’s Monetary Policy Committee of the Central Bank of Nigeria resolved to increase the MPR by 200 basis points at the end of it’s two days meeting on Tuesday.
This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.
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The Committee voted as follows:
– Raise the MPR by 200bps to 24.75 from 22.75% increase the asymmetric corridor to +100bps/-300 basic points.
– Retain the Cash Reserve Ratio of Deposit Money Banks at 45% and adjust the CRR of Merchant banks from 10% to 14%.
The CBN retains a liquidity ratio of 13%.
