CBN raises interest rate to 24.75%
As part of the measures to curb increasing inflation in the country, the Monetary Policy Committee of the Central Bank of Nigeria has increased MPR by 200bps to 24.75 from 22.75 per cent, increasing the asymmetric corridor to +100bps/-300 basic points.
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This was announced on Tuesday after the Committee’s two-day meeting for March 2024. This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.
The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.
The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.
Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.
The CBN retains a liquidity ratio of 13 per cent.
