17.6 C
Friday, September 29, 2023
HomeEconomyCBN raises interest rate to 18.5 per cent amid rising inflation

CBN raises interest rate to 18.5 per cent amid rising inflation


Related stories

NNPCL, NCDMB, IOCs to reduce oil production costs

The Nigerian National Petroleum Company and the Nigerian Content...

CBN governor, 2024 budget top expectations as senate resumes

As the 10th Senate resumes from its annual recess...

Taraba Approves N75,000 Medical, Housing Allowance For Corps Members Posted To Schools

The Taraba State Government has approved N75,000 as medical...

China has contributed to Nigeria’s advancement — VP Shettima

Vice President Kashim Shettima, on Saturday, said that with...

The Central Bank of Nigeria’s Monetary Policy Committee MPC has further increased the interest rate by 18.5 per cent to 20.5 per cent from 18 per cent in March.

Godwin Emefiele, the Governor of Central Nigeria, disclosed this on Wednesday during the MPC communique presentation and Analysis.

He explained that the decision is to curtail the rising inflation in Nigeria.

“Our actions to increase the MPR rates are potent because the inflationary pressures you see today confronting us are a global phenomenon and this started in 2022”, he stated.

In March, the policy-setting committee raised the MPR from 17.5 to 18 per cent in February to tackle inflation. However, despite the continued hike of MPR since last year May, the inflation of Nigeria had increased to 22.22 per cent in April 2023, according to the National Bureau of Statistics.

The MPR is the baseline interest rate in an economy on which other interest rates within that economy are built.

Global News Network Correspondent
Global News Network Correspondenthttps://globalnewsnetwork.com.ng
GNN is a News blog based in Nigeria to educate, inform and Analyse issues of interest like Politics, Health, Solid Minerals, Energy and Power, Transportation, Defence and Security, Sports and Entertainment to our teeming audience. Stories are generated by seasoned veteran Editors and Journalists. We Say It As It Is.

Latest stories



Please enter your comment!
Please enter your name here