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.
Read Also:Â BREAKING: Senate asks CBN to extend old naira notes till June 30
This is the CBN’s fifth time raising interest rates against the advice of some important stakeholders and manufacturers.
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.
The asymmetrical corridor around the MPR is maintained by the CBN at +100/-700 basis points.
Also Read:Â Chimaroke Nnamani goes All Out, Campaigns for Tinubu, Days After PDP Suspension
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.
- How to apply and get Canada Visa in Nigeria without stress.
- US Student Visa: Requirements ,Everything You Should Know About US Study Visa
- VISA GUIDE: Everything You Should Know About US Work Visa
- How To Apply For Spain Visa from Nigeria (Simple Guide)
- France Work Visa Process: How To Apply For France Working Holiday Visa
- Poland Work Visa Process 2023 | Application Procedure for Polish Working Holiday Visa
Thanks for using our platform to learn about the latest Naija News on Central Bank of Nigeria, CBN raises interest rate to 17.5%
