Home » Breaking: CBN Raises Benchmark MPR by 200 Basis Points to 24.75%

Breaking: CBN Raises Benchmark MPR by 200 Basis Points to 24.75%

Reporter: Tobi Adetunji

by Techeconomy

March 26, 2024

in Finance

Yemi Cardoso, CBN Governor

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The Central Bank of Nigeria (CBN) has increased the monetary policy rate (MPR) by 200 basis points, to a new unprecedented 24.75% at the end of its 294th meeting of the Monetary Policy Committee (MPC).

This is a lower hike compared to the 400 basis points at 22.75% in the previous month.

The decision announced by Yemi Cardoso, the CBN governor, propels the MPR to its highest point ever, reaffirming the CBN’s aggressive stance on monetary tightening in response to inflationary pressures.

Details later…

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