The Monetary Policy Committee of the Central Bank of Nigeria has increased the Monetary Policy Rate by 50 basis points to 18%.
This was disclosed by the CBN Governor, Godwin Emefiele, on Tuesday while reading the communiqué of the second MPC meeting.
He said the committee also pegged the liquidity ratio at 30%.
The MPC committee voted to raise the MPR by 50 basis point to 18 per cent and retained the asymmetric corridor at +100 and -500 basis points around the MPR.”
The tightening of the rate according to the apex bank governor is expected to curtail inflation currently put at twenty-one percent.