ADVERTISEMENT

CBN increases interest rate to 24.75%

Cardoso announced the retention of the Cash Reserve Ratio (CRR) of deposit money banks at 45%.

Yemi Cardoso, the Governor of the Central Bank of Nigeria [TechEconomy]

The new interest rate is a jump from the 22.75 % announced by the committee about a month ago.

The development was announced in a communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja.

Cardoso announced the retention of the Cash Reserve Ratio (CRR) of deposit money banks at 45%, while the MPC adjusted the CRR of merchant banks from 10% to 14%.

ADVERTISEMENT

The committee also retains a liquidity ratio of 13 per cent.

Details later…

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

10 countries with the largest oil reserves

10 countries with the largest oil reserves

Garri prices drop in Enugu markets amid ongoing cassava harvest

Garri prices drop in Enugu markets amid ongoing cassava harvest

Nigeria's public debt reaches ₦121.67 trillion in March - DMO reports

Nigeria's public debt reaches ₦121.67 trillion in March - DMO reports

inDrive will give cars, other exciting prizes for top-performing drivers in Lagos

inDrive will give cars, other exciting prizes for top-performing drivers in Lagos

Top 10 biggest offshore drilling companies in the world by revenue

Top 10 biggest offshore drilling companies in the world by revenue

DMO reopens ₦450bn FGN savings bonds for subscription at auction

DMO reopens ₦450bn FGN savings bonds for subscription at auction

Springbok Casino as the fastest payout casino for 2024

Springbok Casino as the fastest payout casino for 2024

Petrol price increased to ₦769.62 in May - Report

Petrol price increased to ₦769.62 in May - Report

BIGLOTRE: The number one Situs Togel online at Indonesia

BIGLOTRE: The number one Situs Togel online at Indonesia

ADVERTISEMENT
ADVERTISEMENT