The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has concluded its two-day meeting for March 2024, thereafter increasing interest rate from 22.75% to 24.75%.
The meeting was the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.
The MPC at the end of the meeting Tuesday decided to hike the MPR by 200 basis points.
The Committee decided to raise the MPR by 200bps to 24.75 from 22.75 per cent; and increase the asymmetric corridor to +100bps/-300 basic points.
It also decided to 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 apex bank further retained a liquidity ratio of 13 per cent.
