Nigeria's central bank raised the Monetary Policy Rate by 200 basis points to 24.75% for the second time in two months to combat inflation.
Nigeria's central bank increased the Monetary Policy Rate (interest rate) by 200 basis points to 24.75% in an effort to combat inflationary pressures. This marks the second interest rate hike in two months. The Monetary Policy Committee (MPC) has also raised the Cash Reserve Ratio (CRR) to +100 to -300 basis points. The MPC's decision aims to stabilize the economy amidst current challenges and address rising inflationary trends.
March 26, 2024
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