he policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures the interest rate in the country from 13 per cent to 14 per cent.
TheNewsGuru.com (TNG) reports Mr Godwin Emefiele, Governor of the CBN made this known at a press briefing on the outcome of the 286th monetary policy committee meeting.
The interest rate, which was pegged at 11.5% for over two years, was raised to 13% in May to tackle rising inflation, according to Emefiele.
Meanwhile, the committee retained the asymmetric corridor at +100/–700 basis points around the MPR, retained the Credit Reserve Ratio (CRR) at 27.5% as well as liquidity ratio at 30%.
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The monetary policy committee meeting was held in Lagos State on 18 to 19 July 2022.