CBN Increases Interest Rate To 18%
Category: Business News
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 disclosed by the CBN Governor, Godwin Emefiele, on Tuesday while reading
the communiqué of the second MPC meeting.
He said the committee
also pegged the liquidity ratio at thirty percent.
READ: New CBN Governor Orders Banks To Halt All Charges on Deposits
The tightening of the rate according to the apex bank governor is
expected to curtail 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 said that the bank will
continue to pump more currency into the system but with caution.
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