CBN increases inter-bank interest rate by 200 basis points to 24.75%
The CBN’s Monetary Policy Committee (MPC) raised the Monetary Policy Rate (MPR) – inter-bank loan interest rate – by 200 basis points, to 24.75 per cent from 22.75 per cent on Tuesday.
MPR is a short-term, often overnight rate that banks charge one another to borrow funds.
Governor of the CBN, Mr Yemi Cardoso, announced the raise in a communiqué he read at the 294th meeting of the MPC.
Cardoso announced that the MPC also adjusted the Asymmetric Corridor to +100/-300 basis points around the MPR and retained Cash Reserve Ratio at 45 per cent.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Showbiz
SapioWorks, Don Jazzy partner to empower artisans in Nigeria, others
Sapiowork is concerned in recognising the challenges artisans encounter in securing consistent work.
Economy
Overcrowding of correctional centres fuelling jailbreaks, says NGO
Ms Agomoh said the number of awaiting trial persons far exceeds the number of convicted inmates.
NationWide
Nurturing local talents to handle complexities of digital economy vital: NCC
Mr Maida said that the 6G revolution would transform industries.
Abuja
Abuja council pledges facility provision in FCT informal markets, targets revenue collection
Mr Obuah said that informal markets were critical to the development of every city or community.
Heading 4
Agege LG gives traders, beggars, others five-day ultimatum to vacate railway tracks
“It has come to our notice that hoodlums are using the avenue to attack and rob passers-by of their personal belongings.’’
Anti-Corruption
EFCC resumes clampdown on unlicensed BDC operators as naira weakens against dollar
The EFCC said the suspects would soon be arraigned in court upon conclusion of investigations.