The Central Bank of Nigeria (CBN), on Tuesday, January 24, 2023, raised the Monetary Policy Rate (MPR), which measures interest rate from 16.5% to 17.5 percent to tame inflation.
Governor Godwin Emefiele of the apex bank made this disclosure after its Monetary Policy Committee (MPC) meeting in Abuja.
The MPC raised the monetary policy rate by 100 basis point to 17.5% and kept the asymmetric corridor at +100/-700 basis points around the MPR.
The MPC retained Cash Reserve Ratio (CRR) by 32.5% while liquidity ratio is kept at 30%.
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