BREAKING: Again, CBN Raises Interest Rate To 24.75%, Gives Reason

CBN raises interest rate to 24.75 Percent in effort to tackle rising inflation.

The Central Bank of Nigeria (CBN) under the leadership of Olayemi Cardoso has raised the monetary policy rate, known as the interest rate, by 200 basis points per cent to 24.75 per cent from 22.75 per cent in efforts to tackle rising inflation.

VerseNews reports that the Apex Bank Governor, Cardoso, disclosed this on Tuesday at the 294th Meeting of the Monetary Policy Committee press briefing in Abuja.

The bank retained the Cash Reserve Ratio to 45 per cent.

The CBN boss said the move was to ensure that the country’s rising inflation rate, which stood at 31.70 per cent in February, was moderated.

“The considerations of the committee at this meeting focused on the current inflationary pressures and the need to anchor inflation expectations as well as ensure sustained exchange stability.”

CBN Raises Interest Rate To 24.75 Percent

#CBNMPC raises MPR by 200bps to 24.75% from 22.75% pic.twitter.com/hJCD8douCB— Central Bank of Nigeria (@cenbank) March 26, 2024

“The committee therefore was of the view that addressing food insecurity is key to containing the current inflationary pressures,” Cardoso said.

This Online News Platform recalls that the MPC raised the country’s interest rate in February to 22.75 per cent.

The 294th MPC is the second since the appointment of Cardoso in September.

He said the next MPC meeting will be held on the 20th and 21st of May, 2024.