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Saturday, January 28, 2023

Central Bank Nigeria Raises Interest Rate To 17.5%

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The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which measures interest rate from 16.5 percent to 17.5 percent to tame inflation.

The CBN Governor, Godwin Emefiele announced this after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

The MPC raised the monetary policy rate by 100 basis point to 17.5% and kept the asymmetric corridor at +100/-700 basis points around the MPR.

The MPC retained Cash Reserve Ratio (CRR) by 32.5% while liquidity ratio is kept at 30%.

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