CBN Raises Interest Rate to 24.75%

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.

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, 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.