Breaking: CBN Jerks Up Lending Rate Again 24.75%

The Central Bank of Nigeria has again, upped the Monetary Policy Rate ( MPR) to 24.75 per cent by unanimous decision of all 12 members of the Monetary Policy Committee members.

MPC decision is consistent with last month February MPC meeting in which members unanimously voted to raise the benchmark interest rate to 22.75 per cent considering surging inflation.

“The decisions of the MPC are as follows, to raise MPR 200 basis points to 24.75 from 22.75 per cent. Adjust the asymmetric corridor along the MPR at +100/300 basis point to -300 basis points. To maintain a cash reserve ratio of DMB at 45 per cent.

“Adjust the cash reserve ratio of merchant banks from 10 per cent to 14 per cent and retain the liquidity ratio at 30 per cent.”

Details soon..