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BREAKING: CBN Increases Interest Rate As Emefiele Speaks On Supreme Court Judgement On Naira Redesign
BREAKING: CBN Increases Interest Rate As Emefiele Speaks On Supreme Court Judgement On Naira Redesign
Central Bank of Nigeria’s Monetary Policy Committee has voted to increase the benchmark interest rate by 50 basis points to 18. percent.
The CBN Governor, Godwin Emefiele, revealed this on Tuesday while reading the communiqué from the second MPC meeting.
He also stated that the committee set the liquidity ratio at 30%.
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According to the apex bank governor, tightening the rate will reduce inflation, which is currently set at 21%.
Emefiele explained that the bank supports the Supreme Court’s decision because the currency in circulation (redesigned naira) is approximately one trillion naira.
He stated that the central bank will continue to inject new currency into the system, but with caution.
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