Business
Just in: CBN increases interest rate to 17.5%, highest in 22 years
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) voted Tuesday to continue its increase in the benchmark interest rate by 100 basis points to 17.5 percent.
The CBN governor, Godwin Emefiele, disclosed this while reading the communique of the first MPC meeting of the year on Tuesday, 24 January 2023.
The two-day meeting which was attended by CBN’s 12 MPC members believes the new interest rate would curb further the accelerating rate of inflation and improve Nigeria’s exchange rate.
Highlights of the MPC meeting included: increasing MPR by 100 basis points to 17.5 percent; while the asymmetric corridor of +100/-700 basis points around the MPR was retained.
The CBN also retained CRR at 32.5 percent; while the Liquidity Ratio was also kept at 30 percent.
The latest increase is the fifth in recent months and the highest level since 2000.
-
News1 week agoWidow of late investigative broadcaster Kola Olawuyi dies
-
Crime1 week agoOutrage as NYSC doctor allegedly dies after delay in approving sick leave
-
Aviation1 week agoNIS issues updated guidelines for contactless passport renewal for Nigerians abroad
-
Latest6 days agoOne killed as ethnic clash erupts in Ibadan following reported overnight stabbing (video)
-
Latest1 week agoLagos arrests 396 beggars in fresh crackdown on street begging (Video)
-
Agribusiness6 days agoStrengthening Nigeria’s Food Production Through Reliable Water Storage Infrastructure
-
Aviation4 days agoNigeria ends third-party visa processing in U.S, directs applicants to embassy, consulates
-
Business5 days agoSEC sets July 10 deadline for Q2 ownership, capital flows returns