BREAKING: CBN Raises Interest Rate To 24.75%

At the end of its two-day Monetary Policy Committee (MPC) meeting on Tuesday (today), the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75%.

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% 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 the asymmetric corridor was increased to +100bps/-300 basis points.

Cardoso said the move is part of efforts to combat the country’s rising inflationary rate which has sustained upward movement over the years and hit 31.70% in February.

Details later…