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.
-
Comments and Issues2 days agoCan President Tinubu Revive Nigeria’s Moribund Refineries?
-
Business3 days agoTinubu knocks Atiku’s subsidy plan, says proposal shows ‘ignorance’ of economy
-
Entertainment5 days agoPoco Lee faces rape allegation as unverified UK arrest report spreads online
-
Latest6 days agoTinubu files: US Judge grants four-day extension in FOIA disclosure battle
-
Featured6 days agoBeyond Osun 2026: What Adeleke’s re-election reveals about Nigeria’s road to 2027
-
Business6 days agoStandard Bank eyes stake in OPay ahead of planned $4bn US IPO
-
Featured3 days agoEconomic Reality vs Party Machinery: What will drive Nigeria’s 2027 election?
-
Business2 days agoTikTok, ByteDance agree to $400m settlement in US children’s privacy case