Just In: Again, CBN increases interest rate to 24.75 percent

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.

This was disclosed in a communique by the CBN governor, Dr. Yemi Cardoso, at the end of the second MPC meeting of his tenure on Tuesday in Abuja.

Persecondnews reports that 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.

According to Cardoso, the move is part of efforts to combat the country’s rising inflationary rate, which was pegged at 31.70 percent in February.

Details shortly….