The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has unanimously raised the interest rate by 150 basis points to 15.5%.
The raise is the third time that the apex bank will increase rates in the last six months bringing the total raise to 400 basis points.
The Central Bank Governor, Godwin Emefiele who disclosed the position of the MPC noted that the raise was to reign in inflation in the country.
The MPC also increase Cash Reserve Ratio (CRR) to a minimum of 32.5 per cent minimum and the Liquidity ratio was pegged at 30 per cent.
