CBN Raises Interest Rate To 22.75%

The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by four hundred basis points to 22.75 per cent from 18.75 per cent.

The apex bank Governor, Yemi Cardoso. announced this after the first Monetary Policy Committee (MPC) meeting for the year in Abuja on Tuesday.

Cardoso also said the MPC also raised the Cash Reserve Ratio (CRR) to forty-five per cent while the liquidity ratio was left unchanged at thirty per cent.

He said the move was in a bit to tame the stubborn inflation that had not responded much to the previous marginal increase.

More to come…