BREAKING: CBN Raises Interest Rate To 22.75%

The Central Bank of Nigeria (CBN) has increased the monetary interest rate by 400 basis points, taking the interest rate benchmark to 22.75 per cent from 18.75 per cent, a major tightening measure to tame high inflation currently at 29.9 per cent.

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…