The Central Bank of Nigeria has announced its increase of the Monetary Policy Rate from 18% to 18.5%.
Channels TV reported the governor of CBN made this announcement on Wednesday after the policy-making committee had a meeting at the CBN headquarters in Abuja.
As a result of this development, the apex bank will be increasing the monetary policy rate, which gauges interest rates, for the third time in a row.
Emefiele noted that the committee voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR.
He also disclosed that the MPC voted to keep the Cash Reserve Ratio at 32.5 percent while the Liquidity Ratio was retained at 30 percent.
He said: “Ten members voted to raise the MPR by 15 basis points and one member by 25 basis points, and all members voted to keep all parameters constant”.
The CRR is part of a bank’s total customer deposit that must be kept with the central bank in the form of liquid cash, while the bank’s liquidity ratio is the proportion of deposits and other assets they must maintain to be able to meet short-term obligations.