CBN raises interest rate to 24.75%

The Central Bank of Nigeria has raised the monetary policy
rate, known as the interest rate, by 200 basis points per cent to 24.75 per
cent from 22.75 per cent in efforts to tackle rising 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.