In an attempt to combat growing inflation, the Central Bank of Nigeria increased the monetary policy rate, often known as the interest rate, from 24.75 percent to 200 basis points per cent.
This was revealed by CBN Governor Olayemi Cardoso on Tuesday during the press briefing for the 294th Meeting of the Monetary Policy Committee in Abuja.
The bank kept its 45 percent cash reserve ratio.
According to the head of Apex Bank, the action was taken to make sure that the nation’s increasing inflation rate—which was recorded at 31.70 percent in February—was restrained.
Remember that the MPC increased the interest rate in the nation to 22.75 percent in February.
The second MPC since Cardoso’s inauguration in September is the 294th.
He announced that May 20 and 21, 2024, will be the dates of the following MPC meeting.
