CBN Increases Interest Rate to 24.75%

Maintains a liquidity ratio of 13 percent.
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CBN LogoNGF Digital Repository

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria came to the conclusion of its two-day meeting for March 2024 on Tuesday. The assembly symbolises the second MPC convention for 2024 and the 294th meeting of the CBN.

The Monetary Policy Committee, at the end of it’s meeting, elected to hike the Monetary Policy Rate by 200 basis points.

The committee voted as follows: raise the MPR by 200 bps to 24.75 percent from 22.75 percent. Increase the asymmetric corridor to +100 bps/-300 basic points.

Keep the cash reserve ratio of deposit money banks at 45 percent and modify the cash reserve ratio (CRR) of merchant banks from 10 percent to 14 percent.

The Central Bank of Nigeria maintains a liquidity ratio of 13 percent.

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