The Central Bank of Nigeria (CBN) has increased the interest rate by 200 basis points to 24.75% from 22.75% in an effort to address rising inflation.
The announcement was made by CBN Governor, Olayemi Cardoso, during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja.
The Cash Reserve Ratio remains unchanged at 45%.
Cardoso stated that the decision was made to control the country’s high inflation rate, which was at 31.70% in February.
This is the second time the interest rate has been raised by the MPC since Cardoso took office in September.
The next MPC meeting is scheduled for May 20th and 21st, 2024.
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