Would you like to receive notifications on latest updates of the following headlines?

CBN Hikes Interest Rate 24.75%

POSTED ON March 26, 2024 •   BUSINESS & ECONOMY      BY Abiodun Saheed Omodara

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.

READ ALSO
NNPCL Revamps Financial Discipline, Collaborate with Independent Producers
BY Abiodun Saheed Omodara July 3, 2025 0

The CEO of Seplat Energy Plc, Roger Brown, stated that the Nigerian National Petroleum Company Limit...

READ ALSO
Nigeria Unveils 37 New Crude Oil Evacuation Routes to Combat Theft and Boost Production
BY Abiodun Saheed Omodara July 3, 2025 0

The Federal Government has sanctioned 37 new crude oil evacuation routes nationwide as part of refor...

READ ALSO
Dangote Slash Petrol Price to N840 per Litre Amid Market Adjustments
BY Abiodun Saheed Omodara June 30, 2025 0

The Dangote Petroleum Refinery has lowered the ex-depot price of Premium Motor Spirit, commonly refe...

READ ALSO
Tinubu Empowers ICRC to Streamline PPP Processes
BY Abiodun Saheed Omodara June 30, 2025 0

President Bola Tinubu has authorized the Infrastructure Concession Regulatory Commission (ICRC) to e...

READ ALSO
Nigeria's Public Debt Reaches N149.39 Trillion, Marking 22.8% Annual Increase
BY Abiodun Saheed Omodara June 28, 2025 0

As of March 31, 2025, Nigeria's total public debt reached N149.39 trillion, showing an annual increa...

READ ALSO
Dangote Decries Inconsistent Policies, Poor Power Supply as Barriers to Africa’s Industrial Growth
BY Abiodun Saheed Omodara June 27, 2025 0

Africa’s foremost industrialist and President of Dangote Industries Limited (DIL), Alhaji Alik...

READ ALSO
Transition of Tax Collection to NRS Announced, New VAT Sharing Begins January 1, 2026
BY Abiodun Saheed Omodara June 27, 2025 0

President Bola Tinubu signed four tax reform bills into law on Thursday, indicating Nigeria's commit...

READ ALSO
Afreximbank Advocates for Innovative Financing Structures in South–South Trade
BY Abiodun Saheed Omodara June 26, 2025 0

The President and Chairman of the Board of Directors of the African Export-Import Bank, Prof. Benedi...

OUR CHANNELS:

K-pop's Global Influence Inspires Afrobeat Collaboration
BY Abiodun Saheed Omodara July 2, 2025 0

The Korean Cultural Centre in Nigeria is keen on promoting collaboration between Nigeria’s Afr...


Lagos Assembly Summons AG over Controversial Local Government Law Commencement
BY Abiodun Saheed Omodara July 1, 2025 0

The Lagos State House of Assembly has called upon the State’s Attorney General, Lawal Pedro (S...


Man Arrested for Brutal Killing of His Mother
BY Abiodun Saheed Omodara July 1, 2025 0

A heartbreaking case of matricide has rocked the Dantanoma quarters in Gumel Local Government Area o...


PDP Bigwigs Urge Nigerians to Join New Coalition Against APC
BY Abiodun Saheed Omodara July 2, 2025 0

Former Vice President Atiku Abubakar, former Senate President David Mark, ex-Governor of Jigawa Stat...


Senate approves new leadership for Law Reform commission
BY Abiodun Saheed Omodara July 2, 2025 0

The Senate has ratified the appointment of Professor Dakas C.J. Dakas as the Chairman of the Nigeria...


Nigerian Deported After Conviction for Smuggling Fake $100,000
BY Abiodun Saheed Omodara July 1, 2025 0

A Nigerian, Aremu Adegboyega, has been convicted by a Circuit Court in Accra, Ghana, for attempting...


ECOWAS Pushes for Legal Framework to Boost AI Development in West Africa
BY Abiodun Saheed Omodara July 1, 2025 0

The Speaker of the ECOWAS Parliament, Hadja Ibrahima, has emphasized the need for a robust legal fra...


Reclaiming Gaddafi’s Pan-African Dream: Why His Vision Still Matters
BY Suleiman Jimoh July 2, 2025 0

Few remember that Muammar Gaddafi once dared to imagine an Africa unchained from foreign dictate. He...


Calls for Autopsy: Ondo Govt. Faces Pressure to Exhume Late Governor Akeredolu's Body
BY Abiodun Saheed Omodara July 1, 2025 0

The Ondo State Government may need to exhume the body of the late governor, Oluwarotimi Akeredolu, f...


Dangote Slash Petrol Price to N840 per Litre Amid Market Adjustments
BY Abiodun Saheed Omodara July 2, 2025 0

The Dangote Petroleum Refinery has lowered the ex-depot price of Premium Motor Spirit, commonly refe...


More Articles

Load more...

Menu