News

Just In: CBN Raises Interest Rate To 22.75 percent

Rita Elenwo February 27, 2024

Less than a minute

The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has raised the Monetary Policy Rate(MPR) by four hundred basis points to 22.75 percent from 18.75 percent.

This was announced by the Governor of the CBN Yemi Cardoso after the first MPC meeting for the year in Abuja on Tuesday.

The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023.

Cardoso who chairs the MPC also said the Cash Reserve Ratio(CRR) has been raised to forty-five percent while the liquidity ratio was left unchanged at thirty percent.

More details later…..

⁣

Follow us on social media

Rita Elenwo February 27, 2024

Less than a minute

Rita Elenwo

Rita Aletor- Elenwo, is a professional journalist with experience in broadcast, print and online reporting. A proud citizen of Edo state, Nigeria (Esan South East Local Government) Rita had her first degree in philosophy from Ebonyi State University (2008), PGD, in Communication from the University of Port Harcourt (2020), and currently in pursuit of an MSC degree in communication. Rita (nee Aletor-) is happily married with lovely children.