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CBN raises monetary policy interest to 16.5%

The Central Bank of Nigeria has raised the Monetary Policy Rate from 15.5% to 16.5%.

This represents the fourth consecutive increase in 2022.

The Governor of the bank, Mr Godwin Emefiele announced this at the end of the Monetary Policy Committee meeting.

Mr Emefiele said the decision to raise the rate was a unanimous one as all 11 members of the MPC voted in favour of an increase.

He said the decision was made tame inflationary pressure which was expected to rise due to end of year spending as well as election related spending.

The MPC however retained the cash reserve ratio, CRR at 32.5%.

The CRR is the amount of cash commercial Banks are mandated to keep as reserve at the central bank.

Reporting by Biodun Dare; Editing by Muzha Kucha