The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has decided to raise the interest rate from 16.5 to 17.5 percent.
The committee acknowledged that the hike was intended to combat inflation forcefully.
Additionally, the MPC kept the liquidity ratio at 30% and the cash reserve ratio at 32.5%.
In his post-MPC briefing, CBN Governor Godwin Emefiele emphasised that the slight decline in inflation figures was insufficient cause for celebration.
He stated that the decision to raise the interest rate was agreed upon by all of the members.