The Central Bank of Nigeria (CBN) has earlier in March during the Monetary policy committee meeting raised its benchmark interest rate from 11 percent to 12 percent.

The Central Bank of Nigeria, monetary policy committee has raised interest from 12% to 14%, the Apex bank governor , Gofwin Emefiele told reporters in Abuja.

The committee also voted to retain cash reserve ratio at 22.5% and left the asymmetric corridor around MPC retained at +200 basis point(BPS) & -500 basis points(BPS) while Liquidity ratio was kept at 30%.

These decisions was made at the first meeting held in Abuja on Tuesday, July 26, 2016 since the introduction of the new FX market in June, 2016.

The Central Bank of Nigeria (CBN) has earlier in March during the Monetary policy committee meeting raised its benchmark interest rate from 11 percent to 12 percent.

Godwin Emefiele, Governor of the CBN, said the MPC decided to raise interest rates in order to ease the inflationary pressures caused by excess liquidity in the banking system.