CBN Raises MPR to 16.5%, Buhari to Unveil Redesigned Naira Notes Wednesday 

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Tuesday raised the Monetary Policy Rate (MPR) by 100 basis points to 16.5 per cent from 15.5 per cent. 

The central bank, however,  retained bank’s Cash Reserve Requirement (CRR) at a  minimum of 32.5 per cent as well as the Liquidity Ratio (LR) at 30 per cent.

CBN Governor,  Mr. Godwin Emefiele,  while addressing journalists after the two-day meeting of the Monetary Policy Committee (MPC) in Abuja, he said the move was a further response to curtail the rising inflation and boost growth.

He also hinted that the much-awaited redesigned Naira notes will be unveiled tomorrow by President Muhammadu Buhari at the Presidential Villa.

Details later….