CBN raises Interest Rate to 14%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 14%.
Members of the MPC meeting led by CBN Governor Godwin Emefiele (middle)
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 14%.
The chair of the Committee and Governor of CBN, Godwin Emefiele, disclosed this during a post-MPC briefing in Lagos.
The interest rate, which was pegged at 11.5% for over two years, was raised to 13% in May to tackle rising inflation, according to Emefiele.
Meanwhile, the committee retained the asymmetric corridor at +100/–700 basis points around the MPR, retained the Credit Reserve Ratio (CRR) at 27.5% as well as liquidity ration at 30%
Details later…