The Central Bank of Nigeria’s Monetary Policy Committee voted to raise the benchmark interest rate by 100 basis points to 17.5%.
Godwin Emefiele, Governor of the Central Bank of Nigeria, stated this while reading the communiqué from the first MPC meeting of the year on Tuesday.
This is the fifth time the CBN has raised interest rates against the advise of manufacturers and other stakeholders.
The CBN stated that prior increases were beginning to bear fruit, as evidenced by the small decline in the inflation rate recorded in December 2022.
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However, the CBN stressed that there was a need to keep tightening its fiscal policy.
The CBN keeps the asymmetric corridor at +100/-700 basis points around the MPR.
The CBN also retained the CRR at 32.5 per cent while the liquidity ratio was kept at 30 per cent.
The apex bank had increased the MPR from 11.5 per cent earlier last year to 16.5 per cent across four consecutive rate hikes in 2022.
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