The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate by 50 basis points to 18. per cent
The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the second MPC meeting of the year on Tuesday.
Speaking to journalists at the end of the two-day meeting in Abuja, Mr Emefiele, said the committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR.
He stated the slight increase is to mitigate the effect of inflation and other economic issues.
The MPR has been on the rise since April 2022, when it was 11.50 per cent.
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.”