Interest Rate

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) raised the policy rate by up to 150 basis points to 13 percent following a meeting on Tuesday chaired by the bank’s governor, Godwin Emefiele, and maintained all other parameters, including the asymmetric corridor of +100/-700 basis points around the MPR, the CRR at 27.5 percent, and the Liquidity Ratio at 30 percent. The decision aligns the CBN with other central banks across the world in their initiatives to restrict money demand growth and the upward trend of domestic prices. Governor Emefiele stated that the decision was made […]