CBN increases Monetary Policy Rate to 16.5%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has voted to increase the Monetary Policy Rate (MPR), which is the benchmark interest rate to 16.5%.

This was disclosed by the Governor of CBN, Godwin Emefiele, while reading the communique of the last MPC meeting of the year on Tuesday, 22nd November 2022. 

During the meeting, the MPC noted that the tightening will help restore investors’ confidence whilst curbing higher rate of inflation. 

The asymmetric corridor of +100/-700 basis points around the MPR was retained.

CRR was retained at 32.5%, while the Liquidity Ratio was also kept at 30%

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