BREAKING: CBN Will increase Curiosity Charge to 18 %, Says Nigerian Banks Wholesome 

The Financial coverage Committee (MPC) of the Central Financial institution of Nigeria (CBN) has elevated Financial Coverage Charge (MPR) which measures rate of interest to 18 % from the earlier 17.5 % adopted in January.

This was a part of the choices taken through the 2-day MPC assembly held between Monday and Tuesday.

Final week, Nigeria’s inflation charge rose to 21.9 % amid the lingering shortage of money.

The MPR is the baseline rate of interest in an financial system, each different rate of interest used inside an financial system is constructed on it.

The CBN governor, Godwin Emefiele, introduced the event to journalists on Tuesday in Abuja.

Emefiele additionally mentioned Nigerian Deposit Cash Banks (DMBs) are in sound and wholesome state and there’s no trigger for alarm over their reliability.

Emefiele who handed a vote of confidence on the DMBs mentioned given numerous prudential pointers designed to protect the banking sector, there may be nothing to fret about on the well being standing of Nigerian banks.