Central Bank Of Nigeria Raises Interest Rate To 17.5%

The CBN also maintained the CRR at 32.5 per cent, while the liquidity ratio remained at 30%.

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The Monetary Policy Rate (MPR) of the Central Bank of Nigeria (CBN) has been raised from 16.5% to 17.5 per cent - SurgeZirc NG
The Monetary Policy Rate (MPR) of the Central Bank of Nigeria (CBN) has been raised from 16.5% to 17.5 per cent.

The Monetary Policy Rate (MPR) of the Central Bank of Nigeria (CBN) has been raised from 16.5% to 17.5 per cent.

The embattled CBN Governor, Godwin Emefiele, made the announcement in Abuja on Tuesday, January 24, 2023, following the Monetary Policy Committee (MPC) meeting of the central bank.

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This is the fifth time the CBN has raised interest rates in recent times.

Meanwhile, the CBN kept other variables, such as the asymmetric corridor at +100/-700 basis points around the MPR, in place.

The CBN also maintained the CRR at 32.5 per cent, while the liquidity ratio remained at 30%.

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Previously, the apex bank raised the MPR from 11.5 per cent earlier this year to 16.5 per cent over four consecutive rate hikes in 2022.

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