In an attempt to combat growing inflation, the Central Bank of Nigeria increased the monetary policy rate, often known as the interest rate, by 200 basis points, to 24.75 percent from 22.75 percent.
This was revealed by CBN Governor Olayemi Cardoso on Tuesday at the press briefing for the 294th Meeting of the Monetary Policy Committee in Abuja.
The bank kept its 45 percent cash reserve ratio.
According to the head of Apex Bank, the action was taken to make sure that the nation’s increasing inflation rate—which was recorded at 31.70 percent in February—was restrained.
Recall that the country’s interest rate was boosted to 22.75 percent by the MPC in February.
The second MPC following Cardoso’s inauguration in September is the 294th.
He announced that May 20 and 21, 2024, will be the dates of the following MPC meeting.
