The Central Bank of Nigeria has increased the interest rate to 24.
75% from 22.75% in a bid to address the growing inflation. This decision was announced by the CBN Governor, Olayemi Cardoso, during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja on Tuesday.
Additionally, the bank has maintained the Cash Reserve Ratio at 45%.
The reason behind this move is to control the country's high inflation rate, which was recorded at 31.70% in February.
It's important to note that this is the second MPC meeting since Olayemi Cardoso took office as the CBN Governor in September.
The next MPC meeting is scheduled for May 20th and 21st, 2024.
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