The Central Bank of Nigeria has raised the monetary policy rate, also known as the interest rate, by 200 basis points to 24.75 percent from 22.75 percent in an effort to combat increasing inflation.
The CBN Governor, Olayemi Cardoso, disclosed this on Tuesday at the 294th Meeting of the Monetary Policy Committee press briefing in Abuja.
The bank retained the Cash Reserve Ratio to 45 per cent.
The Apex bank boss said the move was to ensure that the country’s rising inflation rate, which stood at 31.70 per cent in February, was moderated.
Recall that the MPC raised the country’s interest rate in February to 22.75 per cent.
The 294th MPC is the second since the appointment of Cardoso in September.
He said the next MPC meeting will be held on the 20th and 21st of May, 2024.