The Monetary Policy Committee of the Central Bank of Nigeria voted Tuesday to increase the benchmark interest rate by 100 basis points to 16.5 per cent, the highest since 2001.
According to a report by Nairametrics, the highlights of the MPC meeting included: increase MPR by 100 basis points to 16.5 per cent; the asymmetric corridor of +100/-700 basis points around the MPR was retained; the CRR was retained at 32.5 per cent; while the Liquidity Ratio was also kept at 30 per cent.
The apex bank had increased the MPR from 11.5 per cent earlier this year to 15.5 per cent across three consecutive rate hikes.Kindly share this story: All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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