Home Business Banking & Finance CBN increases interest rate to 24.75%

CBN increases interest rate to 24.75%

1 min read
0
0
83

The Monetary Policy Committee (MCP) of the Central Bank of Nigeria (CBN) on Tuesday concluded its two-day meeting for March 2024. This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.

The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.

Retain the Cash Reserve Ratio (CRR) of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retains a liquidity ratio of 13 per cent.

 

Load More Related Articles
Load More By Breezynews
Load More In Banking & Finance

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

A/Court voids judgment on Rivers LG election

The Court of Appeal, Abuja, on Thursday, nullified the judgment of the Federal High Court …