CBN Raises MPR to 15.5%

*Increases CRR to 32.5%

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Tuesday raised the Monetary Policy Rate (MPR) by 150 basis points to 15.5 per cent from 14 per cent. 

The central bank also raised bank’s Cash Reserve Requirement (CRR) to a minimum of 32.5 per cent from 27.5 per cent.

CBN Governor,  Mr. Godwin Emefiele,  while addressing journalists after the two-meeting of the Monetary Policy Committee (MPC) in Abuja,  said the move was part of the bank’s aggressive efforts to rein in rising inflation which peaked at 20.52 per cent year on year in August.

Details later…