CBN raises interest rate to 17.5%

Marcus Amudipe
Marcus Amudipe


The Central Bank of Nigeria has raised the Monetary Policy Rate, which measures the interest rate to 17.5 per cent.

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

Channels reported that 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 also retained Cash Reserve Ratio by 32.5%, while the liquidity ratio is kept at 30%.

More to come…

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