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%.

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%