The Monetary Policy Committee (MPC) of the Central Bank of Nigeria on Tuesday, announced the increase of the monetary policy rate by 100 bases point from 11 per cent to 12 per cent.
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele made this known on Tuesday, while addressing newsmen on the outcome of the two-day MPC meeting held at the apex bank headquarters in Abuja.
He said the decision was made following the committee’s concern that the excess liquidity in the banking system was contributing to the current pressure in the foreign exchange market.