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CBN raises interest rate to 16.5% as inflation persists

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The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 15.1 percent to 16.5 percent to tame rising inflation.

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would continue to help tame rising inflation.

The committee also retained the cash reserve ratio (CRR) at 32.5 percent and retained the liquidity ratio at 30 percent

According to Emefiele, at this time of high inflation loosening the rate “would greatly jeopardize the gains of previous policy rate hikes”.

To speak more about this development, Richard Akinmoladun, economic expert, joins me now, thank you very much for joining us.




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