The CBN Raises The Interest Rate To 17.5%

The benchmark interest rate was previously raised by the Central Bank of Nigeria (CBN) by 100 basis points to 17.5 percent.

Godwin Emefiele, the governor of the CBN, made this announcement on Tuesday following a meeting of the Monetary Policy Committee of the top bank (MPC).

Concern has been voiced about the CBN’s fifth interest rate increase by manufacturers and other important groups.

The CBN said that the small drop in inflation in December 2022 showed that previous increases were starting to have an effect.

The CBN emphasized the need to continue tightening its fiscal policy, nevertheless.

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