In Aggressive Bid to Tame Inflation, CBN Raises MPR to 15.5% Hikes CRR to 32.5% to check currency speculation, orders banks to make adjustments Emefiele: N9trn injected into economy in three years Says no assurance on monetary easing yet, promises additional intervention in aviation James Emejo and Nume Ekeghe in Abuja The Central Bank of Nigeria (CBN)
yesterday raised the Monetary Policy Rate (MPR), otherwise known as interest rate, by 150 basis points, to 15.5 per cent from
14 per cent. The CBN also raised banks' Cash Reserve Requirement (CRR) by 750 basis points to a minimum
of 32.5 per cent, from 27.5 per cent, in order to mop up liquidity from banks’ vaults and discourage currency speculation.
The apex bank, however, left the Liquidity Ratio (LR) unchanged at 30 per cent. MPR is the benchmark rate
at which the CBN lends to commercial banks, and it often Continued on page 12
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