The Central Bank of Nigeria has raised the Monetary Policy Rate, which measures interest rate, to 17.5 percent

CBN Governor, Godwin Emefiele, announced this after the apex bank’s monetary policy committee meeting in Abuja.

The MPC raised the monetary policy rate by 100 basis point to 17.5% and kept the asymmetric corridor at +100/-700 basis points around the MPR.

The MPC also retained cash reserve ratio by 32.5% while liquidity ratio is kept at 30%.

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