Thu. Mar 23rd, 2023

CBN Increases Interest Rate To 18%

Central Bank of Nigeria’s Monetary Policy Committee, MPC, has voted to increase the benchmark interest rate by fifty basis points to eighteen percent.

The CBN Governor Mr. Godwin Emefiele who disclosed this yesterday while reading the communiqué of the second MP meeting said the committee also pegged the liquidity ratio at thirty percent.

The tightening of the rate according to the apex bank governor is expected to curtail inflation currently put at twenty-one percent.

On Naira redesign Mr. Emefiele explained that the bank aligns itself with the Supreme Court’s Judgment as currency in circulation, redesigned Naira, is about one trillion Naira.

He assured that the bank will continue to pump more currency into the system but with caution.

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