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
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
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.”
![Nigerian Upstream Petroleum Regulatory Commission [NUPRC]](https://gazettengr.com/wp-content/uploads/NUPRC.png)
NationWide
2024 Bid Round: NUPRC hands petroleum prospecting licences to 12 firms
NUPRC said the exercise marked another milestone in efforts to attract fresh investment into the upstream petroleum industry.
Hot news Home top
ADC bars state chapters from receiving court processes, engaging lawyers
Mr Abdullahi said the party received reports that court processes relating to the ADC were being served on state chapters across the country.
Heading 4
NiMet predicts three-day cloudy, rainy atmosphere from Thursday
According to NiMet, strong winds may precede rain in areas where thunderstorms are likely.
Heading 1
Stop guessing Nigeria’s population, UN tells FG
Ms Mafico reaffirmed UNFPA’s support for Nigeria’s next population and housing census.
States
Commercial driver arrested for absconding with hire-purchase vehicle
The police said the stolen vehicle was recovered in a well-coordinated intelligence operation.
Heading 2
WHO warns global annual cancer cases may hit 35 million by 2050
WHO said on Wednesday that cancer causes more than 26,000 deaths daily, with 20.6 million new cases yearly worldwide.
