Central Bank of Nigeria Raises Interest Rate To 14% To Check Inflation

The Central Bank of Nigeria has raised the Monetary Policy Rate from 13 percent to 14 percent. <br />CBN Governor Godwin Emefiele says it was the right option considering economic realities. <br />He says the committee resolved that the most rational policy option would be to further strengthen its tightening stance in order to effectively curtail the unabated rising trend of inflation. <br />He says the increase MPR to 14% from 13, retain the Asymmetric Corridor at +100 and -700 basis points around the MPR, retain the CRR at 27.5 percent and retain the liquidity ratio at 30 percent.