The benchmark interest rate will be raised by 100 basis points to 17.5% by the Monetary Policy Committee of the Central Bank of Nigeria, CBN.
This information was provided in the communiqué from the first MPC meeting of the year, which was read aloud by CBN Governor Godwin Emefiele on Tuesday.
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This is the CBN’s fifth time raising interest rates against the advice of some important stakeholders and manufacturers.
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The slight decline in inflation rate observed in December 2022, according to the CBN, indicated that prior increases were starting to show results.
The CBN emphasized the need to continue tightening its fiscal policy, though.
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The asymmetrical corridor around the MPR is maintained by the CBN at +100/-700 basis points.
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The CBN also maintained the CRR at 32.5% while maintaining the 30% liquidity ratio.
The MPR was raised by the apex bank from 11.5 to 16.5 percent over the course of four rate increases in 2022.
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