CBN Raises Interest Rate To 24.75%

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CBN Raises Interest Rate To 24.75 Percent

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent.

This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja.

The new interest rate is a jump from the 22.75 percent announced by the MPC about a month ago. It is the second rate hike by the committee in two months.

Details later…

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By Abia ThinkTank

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