Monsurat
The Central Bank of Nigeria (CBN) has increased the monetary policy rate (MPR) also known as interest rate to 18.5 per cent from 18 per cent.
The CBN governor, Godwin Emefiele, announced the decision on Wednesday after the policy-setting committee meeting at the CBN headquarters in Abuja. This is the third time in a row that the CBN has raised the MPR.
Emefiele says the members of the Monetary Policy Committee (MPC) agreed to raise the MPR to curb inflation. The MPC says the high energy cost and challenges around the supply chain, among others, have contributed to the increase.
He said the committee decided to “sustain the current stance of policy at this point in time to further rein in inflation aggressively. MPC voted to retain the Asymmetric Corridor of +100/-700 basis points around the MPR, retained the CRR at 32.5% and retained the Liquidity Ratio at 30%.”
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