MPC raises monetary policy rate to 12 per cent

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has raised the Monetary Policy Rate (MPR) to 12 per cent from 11 per cent.

This is an outcome of its 2-day meeting which started on Monday in Abuja, the nation’s capital; the second for the year 2016.

At the last meeting in January, the MPC maintained the monetary policy rate, the cash reserve requirement, and the liquidity ratio at 11%, 20% and 30% respectively.