The Central Bank of Nigeria (CBN) has raised the interest rate to 24.75%.

The Central Bank of Nigeria (CBN) has implemented a significant increase in the Monetary Policy Rate, raising it by 200 basis points to 24.75 percent.

This decision comes as part of ongoing efforts to combat inflationary pressures.

Governor Yemi Cardoso, in a communique following the second Monetary Policy Committee (MPC) meeting of his tenure in Abuja on March 26, announced the rate adjustment.

Addressing Nigeria’s food crisis, the MPC emphasized the importance of tackling food insecurity and implementing the federal government’s agricultural intervention programs.

This increase marks a notable jump from the previously announced rate of 22.75 percent by the MPC about a month ago, representing the second rate hike by the current committee.

The next MPC meeting is scheduled to take place between May 20th and 21st, 2024.