CBN hikes interest rate to 18.75%

Date:

Share post:

Abuja, July 25, 2023 – The Monetary Policy Committee, the policy-setting committee of the Central Bank of Nigeria (CBN), has raised the monetary policy rate (MPR), which measures interest rate, from 18.5 per cent to 18.75 per cent.

Last week, Nigeria’s inflation rate rose to 22.79 per cent amid the increase in food prices.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

Acting governor of the apex bank, Folashodun Shonubi, announced the development to journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja.

This is the first monetary policy committee (MPC) meeting since the suspension of Godwin Emefiele as CBN governor.

spot_img

Related articles

2026: Nigerian U16-Basketball Team prepares for Youth Olympic Games

In a significant step toward the upcoming Youth Olympic Games in Dakar 2026, Nigeria's Under-16 female basketball team...

Ember months: FRSC launches awareness campaign in Ebonyi

Abakaliki, Nigeria - Launching its 2024 Ember months awareness campaign in Ebonyi on Wednesday, the Federal Road Safety...

FG, IFAD-VCDP train 12 youth on equipment fabrication, maintenance

Awka, Nigeria - The Federal Government, in collaboration with the International Fund for Agricultural Development, Value Chain Development...

Museum of West African Art Institute opens in Edo

Benin, Nigeria - The Museum of West African Art (MOWAA) was opened on Tuesday at a preview opening...