Business
JUST IN: CBN’s MPC raises interest rate to 14%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised benchmark rate to 14 percent.
The MPC raised the interest rate to 14 per cent from 13 percent.
Godwin Emefiele, governor of the CBN announced the decision at a press briefing on Tuesday in Lagos.
The interest rate, which was pegged at 11.5% for over two years, was raised to 13% in May to tackle rising inflation, according to Emefiele.
The committee retained the asymmetric corridor at +100/–700 basis points around the MPR, retained the Credit Reserve Ratio (CRR) at 27.5% as well as liquidity ratio at 30%.
The monetary policy committee meeting was held in Lagos State on 18 to 19 July 2022.