JUST IN: CBN Increases Interest Rate To 13.5% Amid Inflation

• CBN Increases Interest Rate To 13.5% Amid Inflation

• Emefiele said the MPC is suspicious, there might be an aggressive accretion of inflation

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EKO HOT BLOG  reports that the Central Bank of Nigeria on Tuesday increased the interest rate to 13.5 per cent for the first time in years.

The interest rate was increased from 11.5 per cent to 13.5 per cent.

The CBN Governor, Godwin Emefiele, announced this while addressing the reporters after the Monetary Policy Committee meeting in Abuja on Tuesday.

Justifying the raise, Emefiele said the MPC is suspicious “there might be an aggressive accretion of inflation”.

To prevent the looming inflation, he said, the MPC had to increase the monetary policy rate by 150 basis points.

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Meanwhile, the nation’s apex bank retained the asymmetric corridor around the MPR at +100 /-700 basis points, Cash Reserve Ratio (CRR) at 27.4 %, and Liquidity Ratio (LR) at 30%.

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