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Central Bank of Nigeria raises interest rate to 24.75%
Central Bank Governor, Mr. Olayemi Cardoso disclosed this at the end of the Monetary Policy Committee, MPC meeting concluded today.
The Central Bank of Nigeria, CBN, has raised the Monetary Policy Rate, MPR, its benchmark interest rate to 24.75% representing 200 basis points increase from 22.75% in February.
The CBN however retained the Cash Reserve Ratio, CRR of commercial banks to 45% but adjusted upward the CRR of merchant banks from 10% to 14%.
The Apex Bank also retained the liquidity ratio of banks at 30%.
Central Bank Governor, Mr. Olayemi Cardoso disclosed this at the end of the Monetary Policy Committee, MPC meeting concluded today.
The CBN also changed the asymmetric corridor from +100/-700 to +100/-300 around the MPR.
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