The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday increased the Monetary Policy Rate (MPR) also known as interest rate, from 13.5% to 15.5% as a way of tackling inflation.
The Apex Bank also increased its Cash Reserve Ratio (CRR) by five percent by a minimum by 32.5 percent.
The CBN Governor, Godwin Emefiele made the announcement at a Media briefing after that Monetary Policy Committee meeting.
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