Central Bank of Nigeria Raises Interest Rate To 14% To Check Inflation
Jul 20, 2022 ·
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Description
The Central Bank of Nigeria has raised the Monetary Policy Rate from 13 percent to 14 percent. CBN Governor Godwin Emefiele says it was the right option considering economic realities....
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The Central Bank of Nigeria has raised the Monetary Policy Rate from 13 percent to 14 percent.
CBN Governor Godwin Emefiele says it was the right option considering economic realities.
He says the committee resolved that the most rational policy option would be to further strengthen its tightening stance in order to effectively curtail the unabated rising trend of inflation.
He says the increase MPR to 14% from 13, retain the Asymmetric Corridor at +100 and -700 basis points around the MPR, retain the CRR at 27.5 percent and retain the liquidity ratio at 30 percent.
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CBN Governor Godwin Emefiele says it was the right option considering economic realities.
He says the committee resolved that the most rational policy option would be to further strengthen its tightening stance in order to effectively curtail the unabated rising trend of inflation.
He says the increase MPR to 14% from 13, retain the Asymmetric Corridor at +100 and -700 basis points around the MPR, retain the CRR at 27.5 percent and retain the liquidity ratio at 30 percent.
Information
| Author | Africa Business Radio |
| Organization | Africa Business Radio |
| Website | - |
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