The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which measures interest rate, from 18.5 percent to 18.75%.
Acting CBN Governor, Folashodun Shonubi, announced this on Tuesday after the bank’s Monetary Policy Committee (MPC) meeting in Abuja.
This is the first decision of the monetary committee since President Bola Tinubu’s assumption of office on May 29, 2023.
Shonubi said “hiking the interest rate has made a lot of difference in moderating the rate of inflation”.
The CBN MPC voted to hike MPR by 25 basis points to 18.75% from 18.5%. The committee narrowed asymmetric corridor to +100/-300 from +100/-700 and retained the Cash Reserve Ratio (CRR) at 32.5%