BREAKING: MPC of CBN rises interest rate to 24.75%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday raised the iinterest rate or Monetary Policy Rate (MPR), which benchmarks interest rates, from 22.75 per cent to 24.75 per cent.

The MPR is the baseline interest rate in an economy, every other interest rate used within the economy is built on it.

The members voted to retained Cash Reserve Ratio at 45 per cent, Liquidity Ratio at 30 per cent.