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JulThe Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) concluded its 149th meeting on Tuesday with a resolution to raise the lending rate from 18.5 percent to 18.75 percent in order to reduce the country’s current inflation rate of 22.79 percent. The committee also changed the asymmetric corridor around the Monetary Policy Rate (MPR) from +100/-700 to +100/-300 basis points. It kept the Cash Reserve Ratio (CRR) at 32.5 percent and the liquidity ratio at 30%. The interim CBN Governor, Folashodun Shonubi, stated at a post-MPC meeting that 11 members participated. Shonubi began unwinding some of Godwin […]
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MayThe monetary policy rate (MPR), which measures interest rates, has been increased by the policy-setting committee of the Central Bank of Nigeria (CBN) from 18 percent to 18.5 percent. Nigeria’s inflation rate increased to 22.22 percent last week as a result of the spike in food costs. Every other interest rate employed in an economy is based on the monetary policy rate (MPR), which serves as its foundation. The revelation was disclosed to the media on Wednesday following the committee meeting at the CBN headquarters in Abuja by Godwin Emefiele, governor of the federal bank. The apex bank would increase[…]