Just in: CBN increases interest rate to 18.50 percent

by Samuel Akpan
1 minutes read

The Central Bank of Nigeria (CBN), after a two-day Monetary Policy Committee (MPC) meeting on Wednesday, has once again raised the interest ceiling rate by 0.50 percent to 18.50 percent.

The CBN Governor, Godwin Emiefele made this known while reading out the resolution from the third MPC meeting of the year on Wednesday, stating that this will further cushion the high inflation rate in the country.

Emefiele said: “MPC was of the view that although the inflation rate moderated marginally in December, the economy remained confronted with the risk of high inflation with adverse consequences on the general standards of living.

“Committee, therefore, decided to sustain the current stance of policy at this point in time to further rein in inflation aggressively.

“MPC voted to raise the MPR to 17.5%, retain the asymmetric at +100/-700 basis points around the corridor.”

Persecondnews earlier reported that despite several monetary policies by the apex bank, inflation rate skyrocketed to 22.22 percent this year, the highest in 17 years.

The April National Bureau of Statistics (NBS) inflation indicator obtained by Persecondnews states that this is the fourth consecutive surge in the country’s inflation figure since year 2023 began.

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