The apex bank made this known after the two-day Monetary Policy Committee (MPC) meeting.
The Central Bank of Nigeria on Tuesday raised its benchmark lending rate to 18.75 per cent from 18.5 per cent.
The apex bank made this known after the two-day Monetary Policy Committee (MPC) meeting.
The acting CBN governor, Folashodun Shonubi, who chaired the meeting, noted that "hiking the interest rate has made a lot of difference in moderating the rate of inflation".
While addressing journalists Tuesday, Mr Shonubi said the committee voted to keep the asymmetric corridor at +100 and -300 basis points around the MPR.
He also disclosed that the MPC voted to keep the Cash Reserve Ratio (CRR) at 32.5 per cent while the Liquidity Ratio was retained at 30 per cent.
According to him, the option to continue the hike in policy rate, albeit moderately, also presented a strong alternative premised on the expected liquidity injections into the economy from the recent efforts to unify the nation's foreign exchange markets.
He said the committee was conscious of the decision as members raised concerns over the need to support investment which will ultimately lead to growth.
The MPC was of the view that the recent policy on foreign exchange market reform would increase market transparency and encourage more foreign capital inflows, he noted.
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Emefiele's ordeals
This is the first MPC meeting being chaired by Mr Shonubi since he assumed office as the apex bank's acting governor after the suspension of Godwin Emefiele from office.
The federal high court in Ikoyi, Lagos, had on Tuesday granted bail to Mr Emefiele in the sum of N20 million with one surety in like sum.
In his ruling, the judge, Nicholas Oweibo, said the charges against the defendant were bailable.
But despite a court order, the State Secret Service (SSS) on Tuesday rearrested the suspended CBN governor.
The bank chief was apprehended again after officers of the secret police had a fight with agents of another federal agency, the Nigeria Correctional Service (NCS), over his custody.
The court had ordered that the NCS take custody of Mr Emefiele, pending the fulfillment of his bail conditions, an order the SSS has disobeyed.
PREMIUM TIMES reported how the court, earlier on Tuesday, ordered that the NCS should take custody of Mr Emefiele pending the fulfillment of the bail conditions granted him.
In June, President Bola Tinubu had directed Mr Shonubi to oversee the affairs of the apex bank after the suspension of Mr Emefiele due to an ongoing investigation of his office and reform of the nation's monetary policy.
