CBN’s Monetary Policy Committee Raises Interest Rate To Eighteen Percent

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 17.5 percent to 18 percent.

The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the second MPC meeting of the year in Abuja on Tuesday.

The governor stated the slight increase is to mitigate the effect of inflation and other economic issues.

He said, The MPC committee voted to raise the MPR by 50 basis point to 18 per cent, retain asymmetric corridor at +100 and -500 basis points around the MPR.”