CBN Increases Interest Rate To 18%

Central Bank of Nigeria’s Monetary Policy Committee has voted to increase the benchmark interest rate by 50 basis points to 18. percent.

This was announced by the CBN Governor, Godwin Emefiele, on Tuesday while reading the communiqué of the second MPC meeting.

He stated that the committee also pegged the liquidity ratio at thirty percent.

The tightening of the rate according to the apex bank governor will curb inflation currently put at twenty-one percent.

On naira redesign, Emefiele explained that the bank aligns itself with the Supreme Court’s judgement as currency in circulation (redesigned naira) is about one trillion naira.

He added that the bank will continue to pump more currency into the system but with caution.