RECENTLY, THE CBN INCREASED INTEREST RATES TO 22.75%.

Babatunji Wusu –

The Monetary Policy Rate (MPR), the benchmark interest rate set by the Central Bank of Nigeria (CBN), has been hiked to 22.75 percent.

This is 400 basis points higher than the current rate of 18.75 percent.This was revealed by CBN Governor Mr. Olayemi Cardoso at the conclusion of today’s Monetary Policy Committee (MPC) meeting in Abuja. Remember that the MPC of Nigeria adopted a plan in 2023 to raise the MPR gradually over the course of four sessions in a row.

Despite these vigorous efforts, other significant indices such as the Cash Reserves Ratio (CRR) and Liquidity Ratio remained stable throughout time, with the CRR staying at 32.5 percent and the Liquidity Ratio at 30.0 percent.