CBN Increases Interest Rate To 18.50%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has, again, increased the official interest rate by 25 basis points to 18.75 per cent.

The MPC, at the end of its meeting on Tuesday, announced the increase of Monetary Policy Rate (MPR) from 18.5 per cent to 18.75 per cent as a response to Nigeria’s rising headline inflation.

The Acting CBN Governor, Folashodun Shonubi, while reading the communiqué, said, “In summary, the MPR voted to raise the policy rate by 25 basis points from 18.5 to 18.75 per cent.”

According to him, the committee voted to adjust the asymmetric corridor at +100 and -300 basis points around the MPR.

The apex bank also retained the CRR at 22.5 per cent and retained the liquidity ratio at 30 per cent.