x

JUST IN: CBN Increases Interest Rate To 18.5%

The Central Bank of Nigeria (CBN) has raised the interest rate from 18 percent to 18.5 percent.

The apex bank governor, Godwin Emefiele, announced the decision on Wednesday after the policy-setting committee meeting at the CBN headquarters in Abuja.

The development is the third consecutive time the apex bank will be raising the monetary policy rate (MPR) which measures the interest rate.

This is coming a week after the Nigerian Bureau of Statistics revealed that the country’s inflation rate for the month of April hit 22.22% surpassing last month’s rate of 22.04%.

According to the report, in April 2023, the headline inflation rate rose to 22.22% relative to March 2023 headline inflation rate which was 22.04%. Looking at the movement, the April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate.

This marks the third consecutive time the apex bank will be raising the benchmark rate this year.

Hot this week

Issa- Onilu’s digital drive in NOA

By Paul OdenyiAs Mallam Lanre Issa-Onilu marks two years...

Agribusiness revolution key to Nigeria’s economic recovery- Lawmaker

By Ogenyi Ogenyi,UyoA member of the Akwa Ibom Assembly,...

NIPR Institutes Annual PRICE Awards, Fixes 7th December for the Ceremony

PRESS RELEASEThe Nigerian Institute of Public Relations (NIPR)...

The State of Education and Youth Development in Delta State

By High Chief Sheriff George Mulade T. 400-Level International Relations...

Ethiopia and Eritrea: Lessons from a Long Road to Peace

After gaining independence in 1993, Eritrea and Ethiopia initially...

Bandits Kill HEKAN Clergyman, Abduct Over 20 Worshippers in Kaduna Attack

By Achadu Gabriel, KadunaArmed bandits have once again attacked...

Two in Five Girls in Kogi Suffer Sexual Abuse — NGO

By Noah Ocheni, LokojaThe Executive Director of Protect the...

CP Kankarofi Assumes Duty in Kogi, Seeks Citizens’ Cooperation to Tackle Crime

By Noah Ocheni, LokojaThe new Commissioner of Police in...

Related Articles

Popular Categories

spot_imgspot_img