CBN increases MPR from 16.5 to 17.5 percent

The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has increased the Monetary Policy Rate (MPR) from 16.5 percent to 17.5 percent.

The MPR is the nominal anchor rate for commercial banks to lend to their customers.

Mr Godwin Emefiele, the Governor of CBN, announced this at a press briefing at the end of the two-day meeting of the Committee in Abuja on Tuesday.

It was the first meeting of the Committee in 2023 since Emefiele returned to Nigeria last week from the 2022 vacation in London.

Persecondnews recalls that the Department of State Service (DSS) had planned to arrest Emefiele over alleged terrorism financing and fraud.