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BREAKING: CBN Raises Interest Rate to 17.5%

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The Policy-Setting Committee of 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 rising inflation

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

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

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

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

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