BEVERLY HILLS, JULY 26, (THEWILL) – In a bid to encourage savings and investment in the country, the Central Bank of Nigeria, CBN, has hike the monetary policy rate, MPR, which serves as national interest rate, to a 10-year high of 14 per cent.
The apex bank governor, Mr. Godwin Emefiele, who disclosed this after the monetary policy committee, MPC, meeting in Abuja on Tuesday, stated that the committee voted to hike interest rates in the face of rising inflation.
He said the committee voted that MPR be raised from 12 percent in May to 14 percent — the highest in at last 10 years.
However, the committee retained the cash reserve ratio, CRR, and liquidity ratio at 22.5 percent and 30 percent respectively.
