CBN increases 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.

The 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, Mr. 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.