Again, CBN hikes interest rate to 24.75%

The Central Bank of Nigeria (CBN), on Tuesday after the two-day Monetary Policy Committee (MPC) meeting, again, raised its benchmark interest rate again by 200 basis points to 24.75 Percent.

This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja.

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The new interest rate is a jump from the 22.75 percent announced by the MPC about a month ago and the second rate hike by the current committee.

The MPC committee also changed the asymmetric corridor from +100/-700 to +100/-300 around the MPR; retained the CRR of commercial banks at 45 percent, adjusted the CRR of merchant banks from 10 percent to 14percent and held the liquidity ratio constant at 30 percent.

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By: Babajide Okeowo

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