The Monetary Policy Committee, (MPC), of the Central Bank of Nigeria, CBN has raised the Monetary Policy Rate (MPR), by One hundred cents from thirteen to fourteen per cent.
The CBN retained the Asymmetric Corridor of +100/-700 basis points around the MPR, the CRR at 27.5 per cent, and the Liquidity Ratio at 30 per cent.
The Governor CBN, Godwin Emefiele, while briefing the Press after the Monetary Policy Committee meeting in Lagos, said the increase in interest rate would help address Nigeria’s rising inflation.
The rate hike marks the second time, the MPC will raise the interest rate in two months.
In its last meeting in May 2022, the CBN raised its benchmark interest rate, known as the Monetary Policy Rate (MPR), by 150 basis points to 13 per cent, for the first time in six years.
(Editor: Ifeanyi Mark)
