The Central Bank of Nigeria has raised the monetary policy rate which measures interest rate to 14%.
This was disclosed by the central Bank Governor, Godwin Emefiele after the monetary policy committee meeting at CBN headquarters in Abuja.
The Governor disclosed to reporters that the increased interest rate would help curtail rising inflation in the country.
The new interest rate comes barely two months after the apex bank raised the interest rate to 13 per cent. At its last meeting in May, the committee also raised MPR from 11.5 percent to 13 per cent over the surge in fuel and food costs.
Emefiele said the committee members voted to hike the rate by 100 basis points and retained the asymmetric corridor at +100 and -700 basis points around the MPR and liquidity ratio at 30 percent.
Details later….