The CBN raises the interest rate to 24.75%.

Tuesday marked the end of the two-day meeting for March 2024 of the Monetary Policy Committee of the Central Bank of Nigeria.

In addition to being the 294th CBN meeting, this meeting is the second MPC meeting for 2024.

The MPC decided to raise the MPR by 300 basis points after today’s meeting.

According to the committee’s vote, MPR should be increased from 22.75% to 24.75% by 400bps. To +100bps/-300 basic points, extend the asymmetric corridor.

Maintain a 45 percent cash reserve ratio for deposit money banks and raise the merchant banks’ CRR from 10 to 14 percent.

The CBN continues to maintain a 13% liquidity ratio.