The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 100 basis points to 17.5 per cent.
The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the first MPC meeting of the year on Tuesday.
This is the fifth time the CBN would increase the interest rate despite advice from manufacturers and some key stakeholders. The CBN said previous increases were beginning to yield results with the slight drop in the inflation rate recorded in December 2022.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BREAKING: CBN raises interest rate to 17.5% | TheCableThe policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 16.5 percent to 17.5 percent to tame rising
Read more »
CBN Deadline: Only 4 Out 17 LGAs Have Banks In Yobe, Gov Buni Cries OutYobe State governor, Hon. Mai Mala Buni, has appealed to the Central Bank of Nigeria (CBN) to give a special concession and alternatives to the people of Yobe
Read more »
CBN sensitises Kaduna traders to new naira notesThe Central Bank of Nigeria has taken its new naira notes sensitisation to the Abubakar Mahmud Gumi Market, Kaduna State with an appeal to traders to ensure that their old notes are deposited at the commercial banks.
Read more »
Naira Redesign: Yobe governor appeals to CBN to extend deadlineDespite calls from Nigerians, including the Senate, which appealed to the CBN to extend the deadline to 30 June, the CBN has doubled down on the original deadline.
Read more »
CBN begins currency swap for rural NigeriansThe Central Bank of Nigeria has said as part of its plans to phase out the old naira notes, it will commence currency swap in the rural areas on Monday (today).
Read more »
Foreign education gulped $695m in nine months — CBNData from the Central Bank of Nigeria revealed that $695.85m was released for educational purposes between January and September 2022.
Read more »