BREAKING: CBN Raises Monetary Policy Rate To 14%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 14 per cent.

The chair of the Committee and Governor of CBN, Godwin Emefiele, disclosed this during a post-MPC briefing 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.

Meanwhile, the committee retained the asymmetric corridor at +100/–700 basis points around the MPR and retained the Credit Reserve Ratio (CRR) at 27.5% as well as the liquidity ratio at 30%

Details later…