BusinessJUST IN: CBN Hikes Interest Rate To 22.75%

JUST IN: CBN Hikes Interest Rate To 22.75%

GTBCO FOOD DRINL

February 27, (THEWILL) – The Central Bank of Nigeria, CBN, has raised the monetary policy rate (MPR) to 22.75 percent.

This represents 400 basis points increase from the 18.75 percent benchmark it has been since September 2023

The announcement was made by CBN governor Yemi Cardoso, at the end of the first Monetary Policy Committee (MPC) meeting under his leadership of the apex bank since September 2023.

THEWILL recalls that in 2023, the MPC implemented a strategy of gradually increasing the MPR over four consecutive meetings.

This culminated in a significant rate of 18.75 percent by the end of the year.

Cardoso said that the Cash Reserves Ratio (CRR) and Liquidity Ratio, stayed constant throughout the time despite these aggressive efforts, with the CRR remaining at 32.5 percent and the Liquidity Ratio at 30.0 percent

Analysts had predicted a significant increase in MPR to address the high inflationary rate that hit 29.9 percent in January 2024.

About the Author

Homepage | Recent Posts

Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

Ask ZiVA 728x90 Ads
Sam Diala, THEWILLhttps://thewillnews.com
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

More like this
Related

Goldman Sachs: Naira To Trade Below N1000/$, Rallies 12% Against Dollar

April 12, (THEWILL)- Nigeria's naira is the world's best-performing...

New National ID Is Single Card With Multipurpose Services – NIMC

April 12, (THEWILL)- The National Identity Management Commission (NIMC)...

International Press Centre Calls For Immediate Rescue Of Abducted Channels TV Reporter

April 12, (THEWILL)- The International Press Centre for the...