CBN increases MPR, interest rate to 18.5%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate, also known as the interest rate, to 18.5 per cent.

CBN raised the rate from 18 per cent to 18.5 per cent on Wednesday, after the MPC meeting held at CBN Headquarters in Abuja.

In the last meeting held in March, the CBN also moved the interest rate up from 17.5 per cent to 18 per cent. The financial regulator has been raising the rate since April 2022, when the MPR was 11.5 per cent.

READ ALSO:CBN pegs cost of building Dangote Refinery at $18.5bn

After the meeting presided by CBN Governor, Godwin Emefiele, the apex bank chief disclosed that the MPC retained the asymmetric corridor at +100 and -700 basis points around the MPR.

Also, the MPC retained the Cash Reserve Ratio (CRR) at 32.5 per cent and the liquidity ratio at 30 per cent.

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