BREAKING: CBN Increases Interest Rate To 22.75%

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.

Governor of the CBN Yemi Cardoso announced this 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 to follow…