CBN increases Interest rate to 24.75%

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate by 200 basis points to 24.75 per cent in a continued chase to tame inflationary pressures.

This is according to a communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja today March 26.

The Monetary Policy Committee (MPC) said to address Nigeria’s food crisis, the authorities have to deal with the issue of food insecurity and implement federal government’s agricultural intervention programmes.

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 next MPC meeting will be held between the 20th and 21st of May, 2024.