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The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which is the official interest rate, to hit 16.5 percent from 15.5 percent.

The CBN Governor, Godwin Emefiele made this known at the end of the Monetary Policy Committee meeting in Abuja on Tuesday.

Emefiele said the hike in interest rate would continue to help tame rising inflation.

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He added that previous increases were beginning to yield results and there was a need to keep tightening.

“With a rise in inflation, loosening the stance of policy will lead to a more aggressive rise in inflation and will erode that gain already achieved through tightening as regards whether to hold MPC was of the view that they won’t stand at the period close to December festive and expected heavy spending during 2023 general election.

“MPC decided to continue to tighten, but at a somewhat more moderated rate, noting that tightening the stance of policy would narrow the negative real effective interest rate margin and force improve market sentiment and further restore investors confidence”, Emefiele said.

11 members of the committee were said to have attended the meeting, out of which 10 of them voted to increase the MPR by 100 basis points.

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The CBN Governor also announced that the committee retained the Cash Reserve Ratio (CRR) at 32.5 percent, and voted to retain the asymmetric corridor at +100 and -700 basis points around the MPR. The liquidity ratio was retained at 30 percent.

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