BREAKING: CBN Raises Interest Rate to 17.5%
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.
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.
More details shortly…
Makinde pledges support for Mouka Foam to site factory in Oyo
Tinubu appoints house of reps speaker, Femi Gbajabiamila as Chief-of-staff
‘I don’t beat my wife’, Seun Kuti denies allegations of domestic violence
Police officer remanded in prison for N123 Million fraud in Lagos
Explosion at LASUTH destroys offices, shops
Drum rolls as Bigi and Sosa Fruit Drink of Rite Foods Share exciting moments with Children in Lagos
10 things you didn’t know about Raymond Dokpesi
I wish Tinubu every success in guiding our country towards stability – NDDC Gov Board member
Fuel subsidy removal: FG to meet NLC today
Nigerians groan as fuel scarcity hit major cities
Join our Facebook Fan page
News2 weeks ago
Heavily pregnant Lagos woman stabs maid for disobeying her
News1 week ago
Nigerian man traumatised as scammer poses as his friend to defraud him of millions using AI
News4 weeks ago
Tinubu: Court adjourns hearing on Peter Obi’s petition till May 10
News1 week ago
Nigerian youtuber comes under severe fire over BBC interview