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Economy: CBN announces new interest rate

The Central Bank of Nigeria has raised the monetary policy rate which is known as the interest rate to 24.75 per cent from 22.75 per cent.

Dr Olayemi Michael Cardoso, governor of the Central Bank of Nigeria (CBN)
Dr Olayemi Michael Cardoso, governor of the Central Bank of Nigeria (CBN)

Abuja, Nigeria

The Central Bank of Nigeria has raised the monetary policy rate which is known as the interest rate to 24.75 per cent from 22.75 per cent.

The decision which was taken at the 294th meeting of the Monetary Policy Committee (MPC) and announced on Tuesday by the Governor the CBN Olayemi Cardoso, said it was part of the efforts to tackle rising inflation in the country.

The apex bank retained the Cash Reserve Ratio to 45 per cent.

According to Cardoso, the move was to ensure that the country’s rising inflation rate, which stood at 31.70 per cent as of February, was moderated.

Recall that the MPC raised the interest rate in last to 22.75 per cent which was the first meeting since the appointment of Cardoso as the governor of the CBN.

He announced that the next MPC meeting will be held on the 20th and 21st of May, 2024.

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