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CBN Raises Interest Rate To Record 24.75%

Following Tuesday’s MPC meeting, the CBN has raised MPR to 24.75% and retained CRR at 45%

In a bid to curb soaring inflation rates, the Central Bank Monetary Policy Committee has taken decisive action by increasing its key monetary policy rate by 200 basis points (bps) to a new record high of 24.75%. 

In its latest announcement, the committee opted to retain the cash reserve ratio at 45% and maintain the liquidity ratio at 30%. 

Details to come later

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