CBN has raised the monetary policy rate to 15.5%.
Newsonline reports that the Monetary Policy Committee of the Central Bank of Nigeria has unanimously voted to increase the benchmark interest rate (monetary policy rate) to 15.5% from 14%, being the third hawkish move by the apex bank in 2022 following the rising rate of inflation.
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This was disclosed by the Governor of the CBN, Godwin Emefiele, while reading the communique of the monetary policy committee meeting of the year, on Tuesday 27th September 2022.
The Central Bank during its last MPC meeting had increased the interest rate from 11.5% to 14% in the last two meetings, however with the inflation rate still spiking above 20%, the CBN has raised the rate further to 15.5% in a bid to combat the rising cost of goods and services.
Highlights of the committee’s decision
- MPR raised by 150 basis points from 14% to 15.5%.
- The asymmetric corridor of +100/-700 basis points around the MPR was retained.
- CRR was raised to a minimum of 32.5%.
- The liquidity Ratio was also kept at 30%
