The Central Bank of Nigeria (CBN) on Tuesday raised the Monetary Policy Rate (MPR), also known as interest rate, from 13.5% to 15.5% as a way of tackling inflation.
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CBN Governor Mr Godwin Emefiele made the announcement at a media briefing after that Monetary Policy Committee meeting.
Emefiele said, “The committee voted unanimously to raise the MPR…The MPC voted to raise the MPR to 15.5, retain the asymmetric corridor at +100 -700 basis points around the MPR. Increase the Cash Reserve Ratio to a minimum of 32.5% and retain liquidity ratio at 30%.”
Giving an explainer earlier, the apex bank’s governor said, “Members deliberated the impact of the widening margin between the current policy rate of 14 percent and the inflation rate of 20.52 percent.
“At this meeting, the option of reducing the policy rate was not considered as this would be gravely detrimental to reigning in inflation. The committee thus agreed unanimously to raise the policy rate to narrow the interest rate gap and reign in inflation. The committee thus voted unanimously to raise the MPR.
“10 members voted to raise the MPR by 150 basis points, one (voted to raise it) by 100 basis points and one by 50 basis points. 10 members voted to increase CRR (Cash Reserve Ratio) by 500 basis points, while two members voted to increase it by 750 basis points.”
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