x

CBN Increases Interest Rate To 18.75%

The Central Bank of Nigeria’s Monetary Policy Committee has moderately hiked monetary policy rates to 18.75 per cent.

The acting Governor of the Central Bank of Nigeria, Mr Folashodun Shonubi, disclosed this on Tuesday at the press briefing at the end of the 292nd MPC meeting.

The Central Bank of Nigeria (CBN), in its last MPC meeting, tightened the economy by raising the interest rate to 18.5 per cent.

“The MPC thus resolved by majority to raise the Monetary Policy Rates. Six members voted to raise the MPR, four by 25 basis points, Two by 50 basis points, while five voted to hold the MPR constant. All members voted to narrow the acementric corridor from +100 to -700 basis points at a new level of +100 and -300 basis points around the MPR. In summary, MPC voted to raise the MPR by 25 basis points from 18.5 per cent to 18.75 per cent,” he stated.

He added that the Cash Reserve Ratio (CRR) and Liquidity Ratio (LR) remain at 32.5 per cent and 30 per cent respectively.

The decision of the MPC comes against the backdrop of the continued rise in inflation, which stood at 22.79 per cent in June.

The apex bank further explained that its intention to slightly raise the MPR is to curb further inflationary hikes.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Scrabble Stars Battle for N10m at Gov. Diri Championship

By Amgbare Ekaunkumo, Yenagoa Top Scrabble players from across Nigeria...

Northern CAN Leaders Visit Benue, Reject ‘Herders-Farmers Clash’ Narrative

...Pledge sustained advocacy...“Your presence is Christ sitting with us”...

Expect More Development — Gov. Aliyu Assures Sokoto Residents

By Muhammad Ibrahim, Sokoto Governor Ahmed Aliyu of Sokoto State...

We Have Brought Inclusive Development to Plateau — Governor Mutfwang

By Israel Adamu, Jos The people of Plateau State made...

NYSC Is the Thread Binding Nigeria’s Diversity” — Gov. Diri

By Amgbare Ekaunkumo, Yenagoa Bayelsa State Governor, Senator Douye Diri,...

What’s the Best Age for a Man to Get Married? Here’s What We Found

Marriage is one of the most significant milestones in...

Nurses Suspend Nationwide Strike – Health Minister Confirms

The National Association of Nigerian Nurses and Midwives has...
spot_img

Related Articles

Popular Categories

spot_imgspot_img