CBN raises interest rate to 24.75%

The Central Bank of Nigeria has increased the Monetary Policy Rate (MPR) from 22.75 per cent to 24.75 percent.

MPR is a short-term, often overnight rate that banks charge one another to borrow funds.

This was announced at the Monetary Policy Committee (MPC) meeting of the apex bank chaired by Olayemi Cardoso, the governor.

The CBN governor said the committee raised the MPR by 200 basis points to 24.75 percent, and retained the asymmetric corridor at +100 basis points and -300 basis points around the MPR.

He said the committee also retained the Cash Reserve Ratio (CRR) at 45 percent and the liquidity rate at 30 percent.

The meeting was the second one of the MPC in year 2024 and the 294th meeting of the MPC.