JUST IN: CBN raises interest rate to 22.75%

The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate by 400 basis points to a record 22.75%.

This development is coming barely 24 hours after some financial analysts predicted an increase in the rate at the end of Tuesday’s meeting.

The analysts also projected the MPC to make major decisions on banks’ capital requirements and liquidity ratios.

A few days after the National Assembly screened and approved new members of the MPC, it started a two-day meeting on Monday.

The meeting is expected to be held from Monday till Tuesday.

Details later…