CBN hikes interest rate to 18.75%

The Central Bank of Nigeria (CBN) has moderately raised the monetary policy rate (MPR) from 18.5% to 18.75%.

MPR is the baseline interest rate in an economy on which every other interest rate used within the economy is built on it.

Acting CBN Governor, Mr Folashodun Shonubi disclosed the hike in MPR at the 292nd Meeting of the Monetary Policy Committee (MPC) press briefing on Tuesday.

“In summary, the MPC voted to raise the policy rate by 25 basis point from 18.5% to 18.75%; adjust the asymmetric corridor to +100, -300 basis point around the MPR; retain the CRR at 32.5% and retain the liquidity ratio at 30%,” Mr Shonubi stated.

Details later….