The policy-setting committee of the Central Financial institution of Nigeria (CBN) has raised the financial coverage charge (MPR), which measures rate of interest, from 17.5 % to 18 %.

CBN Governor, Godwin Emefiele, made the announcement on Tuesday, March 21, whereas studying the communiqué of the second MPC assembly.

He mentioned the committee additionally pegged the liquidity ratio at thirty %. The tightening of the speed in line with the apex financial institution governor is anticipated to curtail inflation presently put at twenty-one %.

This is the second time the apex financial institution shall be elevating the benchmark charge this yr.