CBN raises interest rate to 18%
The Policy Committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures the interest rate, from 17.5% to 18%.
CBN Governor Godwin Emefiele made the announcement on Tuesday, March 21, while reading the communiqué from the second meeting of the MPC.
He said the committee also set the liquidity ratio at thirty percent. The tightening of the rate according to the governor of the supreme bank should curb the inflation currently fixed at twenty-one percent.
JThis is the second time the apex bank has raised the benchmark rate this year.