According to The ANAEDOONLINE, the Monetary Policy Committee of the Central Bank of Nigeria has decided to raise the benchmark interest rate by 50 basis points to 18%.
This information was provided in the communiqué from the second MPC meeting of the year by CBN Governor Godwin Emefiele on Tuesday.
At the conclusion of the two-day meeting in Abuja, Mr. Emefiele spoke to the media and announced that the committee had decided to maintain the asymmetrical corridor at +100 and -500 basis points around the MPR.
Analysts in the country had predicted the Central Bank of Nigeria and the MPC may not raise the lending rates at the end of the Monetary Policy Committee.
However, the governor stated the slight increase is to mitigate the effect of inflation and other economic issues.
BREAKING: CBN Increases Interest Rate To 17.5%
The MPR has been on the rise since April 2022, when it was 11.50 per cent.
The rate impacts lending and inflation rates, and, when jacked up, consequently affects upward movement of prices of goods and services.
He said, The MPC committee voted to raise the MPR by 50 basis point to 18 per cent, retain asymmetric corridor at +100 and -500 basis points around the MPR.”
Details later…
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