JUST IN: CBN raises interest rate to 17.5%

Our reporter| The Central Bank of Nigeria (CBN) on Tuesday raised the Monetary Policy Rate (MPR), which measures interest rate from 16.5% to 17.5 percent to tame inflation.

The CBN Governor, Godwin Emefiele made the disclosure after the apex bank’s firts Monetary Policy Committee (MPC) meeting for the year 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%.

The apex bank boss also said its January 31, 2023 deadline for the validity of the old N200, N500 and N1,000 notes remains.

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Details to follow…

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