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CBN pushes interest rate to 17.5%

Members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria, CBN, have voted toincrease the interest rate from 16.5 per cent to…

Members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria, CBN, have voted toincrease the interest rate from 16.5 per cent to 17.5 per cent.

The committee noted that the increase was aimed at fighting inflation aggressively.

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The MPC also retained the Cash Reserve Ratio at 32.5 per cent, and the Liquidity Ratio at 30 per cent.

The CBN Governor, Godwin Emefiele, in his post MPC briefing noted that the marginal drop in inflation figures was not enough to celebrate.

He noted that the members were unanimous in their decision to tighten the interest rate.