CBN increases MPR, interest rate to 18.5%

2 Min Read

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate, also known as the interest rate, to 18.5 per cent.

CBN raised the rate from 18 per cent to 18.5 per cent on Wednesday, after the MPC meeting held at CBN Headquarters in Abuja.

In the last meeting held in March, the CBN also moved the interest rate up from 17.5 per cent to 18 per cent. The financial regulator has been raising the rate since April 2022, when the MPR was 11.5 per cent.

READ ALSO:CBN pegs cost of building Dangote Refinery at $18.5bn

After the meeting presided by CBN Governor, Godwin Emefiele, the apex bank chief disclosed that the MPC retained the asymmetric corridor at +100 and -700 basis points around the MPR.

Also, the MPC retained the Cash Reserve Ratio (CRR) at 32.5 per cent and the liquidity ratio at 30 per cent.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *