CBN increases Monetary Policy Rate to 18%

Abuja, March 21, 2023 (NAN) The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has increased the Monetary Policy Rate (MPR) to 18 per cent from 17.5 per cent.

The CBN Governor, Mr Godwin Emefiele said this on Tuesday when he read the communique issued at the end of the 290th meeting of the MPC.

The News Agency of Nigeria (NAN) reports that this is the 6th consecutive increase of the MPR, which is the baseline interest rate in an economy.

At the last MPC meeting in January, it was increased by 100 basis points, from 16.5 per cent to 17.5 per cent.

 By Kadiri Abdulrahman.

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