Connect with us

Hi, what are you looking for?

E-Financial

CBN Increases Interest Rate to 17.5%

CBN

Central Bank of Nigeria, CBN, Monetary Policy Committee has voted to increase the benchmark interest rate by 100 basis points, from 16.5% to 17.5 percent to tame inflation.

Godwin Emefiele, CBN Governor, disclosed this Tuesday, Jan. 24, while reading the communiqué of the end of the two-day MPC meeting in Abuja, the first of the year.

The development means this is the fifth time the CBN would increase the interest rate despite calls by stakeholders against the increment.

Read Also: CBN to Fine Banks N1m Daily over New Currency Notes

The CBN said previous increases were beginning to yield results with the slight drop in the inflation rate recorded in December 2022.

However, the CBN stressed that there was a need to keep tightening its fiscal policy.

Meanwhile, the CBN retained other variables including the asymmetric corridor at +100/-700 basis points around the MPR.

The CBN also retained the CRR at 32.5 per cent while the liquidity ratio was kept at 30 per cent.

Earlier, the apex bank had increased the MPR from 11.5 per cent earlier last year to 16.5 per cent across four consecutive rate hikes in 2022.

Click to comment

Leave a Reply

Your email address will not be published.

ad

You May Also Like

Tech

Mallam Kashifu Inuwa, Director General, National Information Technology Development Agency, NITDA, has called for collaboration amongst the government, institutions, and the people in order...

Tech

Flutterwave, Africa’s leading payments technology company has announced its collaboration with Multichoice Africa in bringing back Africa’s largest reality TV franchise with a special...

Tech

Federal Government has no plans to strip the Nigerian Communications Commission (NCC) of its powers, the Minister of Communications and Digital Economy, Prof. Isa...

Cryptocurrency

A group Nigerian tech savvy youths have developed a web-based crypto platform to facilitate seamless and borderless means of accepting cryptocurrency payment globally. Known...