In an aggressive bid to combat growing inflation and pressure on the naira, the currency of the nation, the Central Bank of Nigeria, CBN, increased its lending rate to 16.5 percent. At the conclusion of the Monetary Policy Committee meeting on Tuesday in Abuja, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, disclosed this information. The interest rate was raised by the apex bank to 14 percent months ago. Emefiele claims that the action had the desired effects on the economy of the nation. According to Mr. Emefiele, the committee also decided to keep the asymmetric corridor […]
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The Monetary Policy Rate was raised by the Central Bank of Nigeria to 15% on Tuesday. The Minimum Rediscounted Rate (MRR), which the CBN held at 15% until August 17, 2003, is now at its greatest level. Up until the CBN announced a new monetary policy framework in 2006, which replaced the MRR with the Monetary Policy Rate, the MRR was the rate adopted by the CBN (MPR). At the 287th Monetary Policy Meeting, CBN Governor Godwin Emefiele stated that “the decision was a move to save the naira and reduce inflation.” The rate increase was approved by all of[…]