Connect with us

Hi, what are you looking for?

E-Financial

CBN Increases Interest Rate To 18.75%

CBN

Central Bank of Nigeria (CBN), on Tuesday, raised the Monetary Policy Rate (MPR) or interest rate from 18.5 percent to 18.75 percent.

Folashodun Shonubi, acting CBN governor, announced the development after the bank’s Monetary Policy Committee (MPC) meeting in Abuja.

Last week, Nigeria’s headline inflation rose to 22.79% in June from the 22.41% recoded in May 2023 amid rising food prices and rising cost of transportation occasioned by the removal of subsidy on Premium Motor Spirit known as petrol.

Read Also: CBN, Egyptian Central Bank Ink MoU on ‘Nigeria-Egypt FinTech Bridge’

Speaking at the CBN headquarters in Abuja on Tuesday, Shonubi said “hiking the interest rate has made a lot of difference in moderating the rate of inflation”.

He also said the volatility around foreign exchange rates would soon normalise

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

News

European Commission has imposed landmark fines on tech giants Apple and Meta in the first enforcement actions under the Digital Markets Act (DMA), a...

News

With progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, the Shared Agent Network Expansion Facilities Limited (SANEF) has posited...

Tech

Meta has announced new measures to tackle spammy content on Facebook, aiming to enhance the Feed experience and support authentic creators. These updates are...

News

Nigerians have lost N4.8 trillion ($2.99 billion) to various scams since 2016, according to findings by Paul Alaje, a prominent Nigerian economist and chief...