Breaking: Central Bank of Nigeria Raises Interest Rate to 24.75%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has decided to increase the Monetary Policy Rate (MPR) by 400 basis points to 24.75% from 22.75% in its 294th meeting. This move comes as the second hike in interest rates for the year 2024 and aims to address economic concerns.
Additionally, the MPC has adjusted the asymmetric corridor to +100 basis points/-300 basis points. The Cash Reserve Ratio (CRR) of Deposit Money Banks remains at 45%, while the CRR of Merchant banks has been adjusted from 10% to 14%.
The CBN has retained a liquidity ratio of 13% as part of its efforts to maintain financial stability and manage liquidity in the banking system.
More details to come…
