CBN raises interest rate to 18.75%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to increase the benchmark interest rate by 25 basis points to 18.75 per cent.

This was disclosed by the acting CBN Governor, Folashodun Shonubi, while reading the communiqué of the fourth MPC meeting of the year on Tuesday.

He said, “In summary, the MPR voted to raise the policy rate by 25 basis points from 18.5 to 18.75 per cent.”

Addressing journalists at the end of the two-day meeting in Abuja, Mr. Shonubi said the committee voted to adjust the asymmetric corridor at +100 and -300 basis points around the MPR.

The CBN started its monetary policy tightening cycle in May 2022, with its benchmark interest rate rising from 11.5 per cent to 18.5 per cent in May this year.