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On Tuesday, the 19th of July, 2022, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again raised the Monetary Policy Rate (MPR) to 14%.

This was disclosed to the general public during a post-MPC briefing in Lagos, by Godwin Emefiele, the Governor of CBN, as well as the Chair of the Committee.

This is making it the second time the interest rate has been raised this year. The interest rate had been at 11.5% for more than two (2) years, and was first raised to 13% in May, which according to Emefiele, was a way to tackle inflation.

Meanwhile, the committee retained the asymmetric corridor at +100/–700 basis points around the MPR, retained the Credit Reserve Ratio (CRR) at 27.5% as well as liquidity ratio at 30%.

More details soon…

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