CBN increases interest rate to 24.75%

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate to 24.75%.

The new interest rate is a jump from the 22.75 % announced by the committee about a month ago.

The development was announced in a communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja.

Cardoso announced the retention of the Cash Reserve Ratio (CRR) of deposit money banks at 45%, while the MPC adjusted the CRR of merchant banks from 10% to 14%.

The committee also retains a liquidity ratio of 13 per cent.

Details later…