The Central Bank of Nigeria (CBN) has raised the interest rate by 200 basis points to 24.75 percent, in an effort to combat the country’s increasing inflation. This increase in the interest rate was disclosed in a communiqué on Tuesday by the CBN Governor, Yemi Cardoso after the second Monetary Policy Committee (MPC) meeting of his tenure.
The previous interest rate was 22.75 percent which was announced about a month ago.
The next MPC meeting has been scheduled to take place between 20th and 21st of May, 2024.
