The Central Bank of Nigeria has further raised the Monetary Policy Rate to 24.75 per cent, a decision influenced by the rising inflation in the  economy.

The apex bank took the stance on tuesday  at the 294th Meeting of the Monetary Policy Committee in Abuja.

In the February MPC meeting, the committee unanimously voted to raise the benchmark interest rate to 22.75 per cent considering surging inflation.

Experts had predicted another interest rate hike after inflation rose to 31.7 per cent in February up from 29.90 percent in January of 2024.

The highlighted MPC decision are :to raise MPR 200 basis points to 24.75 from 22.75 per cent. Adjust the asymmetric corridor along the MPR at +100/300 basis point to -300 basis points. To maintain a cash reserve ratio of DMB at 45 per cent.