JUST IN: CBN Increases Interest Rate to 24.75%

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3:00 PM March 26, 2024

The Monetary Policy Committee of the Central Bank of Nigeria, on Tuesday 26 March, concluded its two-day meeting for March 2024.

The meeting which is the 294th meeting of the CBN, marks the second MPC meeting for 2024.

The MPC, at the end of today’s meeting, elected to hike the MPR by 300 basis points.

The committee voted as follows: Raise the MPR by 400bps 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.

Meanwhile, the Apex Bank retains a liquidity ratio of 13 per cent.

Details shortly…