The Central Bank of Nigeria, CBN, has raised the interest rate - MPR increase by 150 basis points from 14% to 15% in aggressive move to rein in inflation.

The Central Bank of Nigeria, CBN, has raised the interest rate - MPR increase by 150 basis points from 14% to 15% in aggressive move to rein in inflation.

According to CBN circular, CBNMPC increases Cash Reserve Ratio (CRR) by 500 basis points from 27.5% to minimum of 32.5%, Deposit Money Banks to fund their accounts in 48 hours.

CBNMPC maintains Asymmetry corridor around MPR at -100/+700 points and retains Liquidity Ratio at 30%..
Source: CBN