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BREAKING: CBN hikes interest rate to 24.75%

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CBN bans foreign currency as collateral for naira loan

The Monetary Policy Committee (MP) of the Central Bank of Nigeria (CBN) has increased interest rate to 24.74 percent, up from the 22.75 per cent in February.

The increase was announced on Tuesday, at the conclusion of the bank’s two-day MPC meeting for March 2024.

This meeting marks the second MPC meeting for 2024 and also the 294th meeting of the CBN.

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The MPC, at the end of the meeting, elected to hike the MPR by 300 basis points.

The committee voted as follows: Raise the MPR by 400bps to 24.75 from 22.75 per cent. Increase the asymmetric corridor to +100bps/-300 basic points.

Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retains a liquidity ratio of 13 per cent.

Details soon…

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