CBN Increases Interest rate to 16.5%

The Central Bank of Nigeria has raised its benchmark lending rate to 16.5 per cent in a sustained push to control inflation and ease pressure on the naira.

Governor of the Central Bank of Nigeria Godwin Emefiele, made this known at the end of the Monetary Policy Committee meeting in Abuja on Tuesday.

Emefiele announced that the committee also retained the Cash Reserve Ratio at 32.5 percent, and the liquidity ratio at 30 per cent.