The Monetary Policy Council of the Central Bank of Nigeria has decided to raise the benchmark interest rate from 16 percent to 18 percent, resulting in a 50 basis point rise.<\/p>\n
On Tuesday, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, made this announcement while reading the communiqu\u00e9 from the second Monetary Policy Committee meeting of the year.<\/p>\n
Mr. Emefiele added that the committee resolved to maintain the asymmetric corridor at +100 and -500 basis points around the MPR. He was speaking to journalists at the conclusion of the two-day meeting that took place in Abuja.<\/p>\n
He explained that the reason for the modest price hike is to help combat the effects of inflation as well as other economic difficulties.<\/p>\n
Since April 2022, when it stood at 11.50 percent, the MPR has been steadily climbing upwards.<\/p>\n
He stated that the MPC committee voted to raise the MPR by 50 basis points to 18 percent, and to keep the asymmetric corridor around the MPR between +100 and -500 basis points.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Monetary Policy Council of the Central Bank of Nigeria has decided to raise the benchmark interest rate from 16 percent to 18 percent, resulting in a 50 basis point rise. On Tuesday, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, made this announcement while reading the communiqu\u00e9 from the second Monetary […]<\/p>\n","protected":false},"author":3,"featured_media":890,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[37,35],"tags":[110,237],"class_list":["post-1356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news","tag-cbn","tag-interest-rate"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/1356"}],"collection":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/comments?post=1356"}],"version-history":[{"count":1,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/1356\/revisions"}],"predecessor-version":[{"id":1357,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/1356\/revisions\/1357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media\/890"}],"wp:attachment":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media?parent=1356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/categories?post=1356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/tags?post=1356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}