Central Bank of Nigeria Raises The Interest Rate to 18%

The Central Bank of Nigeria’s Monetary Policy Committee voted to raise the benchmark interest rate by 50 basis points to 18.0%, according to the report.

On Tuesday, CBN Governor Godwin Emefiele revealed this while reading the communiqué from the second MPC meeting of the year.

Mr Emefiele told journalists at the end of the two-day meeting in Abuja that the committee voted to keep the asymmetric corridor around the MPR at +100 and -500 basis points.

Analysts in the country have predicted that the Central Bank of Nigeria and the Monetary Policy Committee will not raise lending rates at the end of the Monetary Policy Committee.

The governor, however, stated that the slight increase is to offset the effects of inflation and other economic issues.

The MPR has been rising since April 2022, when it was 11.50 percent.

The rate affects lending and inflation rates, and, when jacked, affects the upward movement of prices for goods and services.

The MPC Committee voted to increase the MPR by 50 basis points to 18 percent, maintaining an asymmetric corridor around the MPR at +100 and -500 basis points, he said.

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