CBN raises Monetary Policy Rate to 17.5% to tame inflation
The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which measures interest rates from 16.5% to 17.5 per cent to tame inflation.
The CBN Governor, Godwin Emefiele announced this after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
The MPC raised the monetary policy rate by 100 basis points to 17.5% and kept the asymmetric corridor at +100/-700 basis points around the MPR.
The MPC retained its Cash Reserve Ratio (CRR) at 32.5% while the liquidity ratio is kept at 30%.
The CBN also said its January 31, 2023 deadline for the validity of the old N200, N500 and N1,000 notes remains.