The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the interest rate to 24.75 per cent,
The Governor of the CBN, Mr Olayemi Cardoso told journalists after the two-day meeting of the MPC in Abuja on Tuesday that members of the committee resolved to raise the MPR to 24.75 from 22.75 per cent in February.
The members, according the CBN governor, also voted to 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.
Cardoso said that MPC members had to continue with the tightening measures in order to tame inflation.
GIK/APA
Nigeria raises interest rate to 24.75%
