WorldStage Newsonline– The Monetary Policy Committee of the Central Bank of Nigeria rose from its 3rd meeting for the year on Tuesday 24th May 2022 and unanimously voted to raise policy rate by 150bps to 13% with other policy parameters unchanged.
The policy rate had been at 11.5% since September 2020.
The other parameters retained were: the asymmetric corridor of +100/-700 basis points around the MPR; the CRR at 27.50%; and the Liquidity Ratio at 30%.
This is the first time the apex bank will be taking a hawkish policy stance since its July meeting in 2016.
