CBN Has Increased interest Rates From 12 to 14%

Governor of Central Bank of Nigeria
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The Central Bank of Nigeria, through it's Monetary Policy Committee has on Tuesday increased interest rates from 12% to 14%.

 The 2% increase is expected to encourage savings and investments.
 The Cash Reserve Ratio and also the Liquidity Ratio remained at their normal state, at 22.5% and 30% respectively.

 The decision was announced by the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele saying that the decision was made through voting by the Committee of Monetary Policy, as 5 out of 8 members of the Committee that attended the meeting voted in favour of the increase of the Monetary Policy Rate (MPR) to 14%.

 Mr. Godwin at a meeting in Abuja on Tuesday said "The Monetary Policy committee noted that the negative real interest rates did not support the recent flexible foreign-exchange market as foreign investors attitude had remained lukewarm, showing unwillingness in bringing in new capital."
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