CBN raises benchmark interest rate
The Central Bank of Nigeria (CBN) has recently increased its benchmark interest rate, the Monetary Policy Rate (MPR), to 24.75%. This represents a significant 200 basis point increase from the previous rate of 22.75% in February.
On the other hand, the CBN decided to keep the Cash Reserve Ratio (CRR) of commercial banks at 45% while making a slight adjustment to the CRR of merchant banks from 10% to 14%.
After concluding its two-day meeting for March 2024, the Monetary Policy Committee of the Central Bank of Nigeria made this revelation.
This meeting is the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.
The Apex Bank has decided to maintain the liquidity ratio of banksat 30%.
By Nnaemeka Odenigbo
