The new interest rate is a jump from the 22.75 % announced by the committee about a month ago.
The development was announced in a communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja.
Cardoso announced the retention of the Cash Reserve Ratio (CRR) of deposit money banks at 45%, while the MPC adjusted the CRR of merchant banks from 10% to 14%.
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