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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent from 22.75 percent.
Interest rate is the rate at which the commercial banks are to lend money to the business community in the country.
The CBN governor, Yemi Cardoso, said on Tuesday, after the second MPC meeting in Abuja.
The new interest rate is a jump from the 22.75 percent announced by the MPC about a month ago and the second rate hike by the current committee.
Cardoso also announced the retention of the Cash Reserve Ratio (CRR) of deposit money banks at 45 percent. However, the MPC adjusted the CRR of merchant banks from 10 percent to 14 percent.
The committee also retained the liquidity ratio at 30 percent.
