The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Wednesday, raised its interest rate or Monetary Policy Rate (MPR) to 18.5 per cent from 18 per cent.
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The members in the third MPC meeting in 2023 have voted to increase the interest rate on the heels of tackling inflation rate in Nigeria.
The members retained the asymmetric corridor of +100/-700basis around the MPR; retain the Cash Reserve Ratio (CRR) at 32.5per cent; and retain the Liquidity Ratio at 30per cent.