JUST IN: CBN raises interest rate to 24.75%

The Central Bank of Nigeria has increased the monetary policy rate from 22.75 per cent to 24.75 percent.

This was announced at the Monetary Policy Committee (MPC) meeting of the apex bank chaired by Olayemi Cardoso, the governor.

The meeting was the second one of the MPC in year 2024 and the 294th meeting of the MPC.

MPR is a short-term, often overnight rate that banks charge one another to borrow funds.

At the meeting, the CBN retained a liquidity ratio of 13 per cent.

Details later…