In an aggressive move to tame inflation, the Monetary Policy Committee of the Central Bank of Nigeria announced today in Abuja that lending rate has gone up to 22.75 percent.
The Governor of the CBN, Olayemi Cardoso, who made the announcement during a press briefing after the two-day MPC meeting, said Liquidity ratio for banks remains at 30 percent while Cash Reserve Ratio increased to 45 percent.
Cardoso said, “We are out to tighten money supply. We want to have robust monetary tools in place. The effect will show in the short to medium term. We are out to address inflation by this raise. On the fiscal side, we advocate management of insecurity among others to yield a more positive outcome.
Details later…
