CBN Raises Interest Rate To 15.5%

CBN Governor, Godwin Emefiele, briefs reporters in Abuja on Tuesday, September 27, 2022

The Central Bank of Nigeria has raised the Monetary Policy Rate (MPR), which measures interest rate, to 15.5 percent from 14 percent to tame rising inflation.

CBN Governor, Godwin Emefiele, made this known on Tuesday after a Monetary Policy Committee meeting in Abuja.

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 (CRR) 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.