CBN Raises Interest Rate To 17.5%

Date:

 

The Central Bank of Nigeria has increased the benchmark interest rate by 100 basis points to 17.5 per cent.

 

The decision was approved by Monetary Policy Committee of the Central Bank.

 

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.

 

Stephen Emmanuelhttp://naijatweet.ng
🔥E.M.M.Z.Y🔥 🌺PUBLIC FIGURE🦾 🧑🏻‍💻BLOGGER💻 🕸WEB DESIGNER 👨‍🎨 💽STORY WRITTER✍️ 📉ONLINE MARKETER💹 👨‍💻📊GRAPHICS DESIGNER 👨‍🎨 C.E.O - NAIJATWEET MEDIA🎖

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Share post:

Popular

More like this
Related

Nigeria At Very High Risk Of Increased Lassa Fever Transmission

  The Nigeria Centre for Disease Control (NCDC) has...

Man Throws Father Inside Well Over Land Dispute

  A son has thrown his father inside a...