Willing investors in Nigeria will now gain more returns on their investments as the Central Bank of Nigeria (CBN) has raised the benchmark interest rate again by 200 basis points to 24.75 Percent,
This shows that the CBN has raised interest by 600 basis points in two months.
Recall the CBN had in the February 2024 MPC meeting raised the MPR by 400 basis points to 22.75 from 18.75 percent that 2023 closed with.
Briefing journalists after the end of March 2024, the CBN said the decision is to further reign in on rising inflation and incentivize savings and foreign portfolio investors.
The meeting was the second one of the MPC in 2024 and the 294th meeting of the MPC.
The CBN retained liquidity ratio of 13 percent.
