By Muhammadu Sabiu
The benchmark interest rate will rise by 50 basis points to 18% following a vote by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).
Godwin Emefiele, the governor of the Central Bank of Nigeria, revealed this while reading the communiqué from the second MPC meeting of the year on Tuesday in Abuja.
In a statement to the media following the two-day meeting, Emefiele stated that the committee had decided to maintain the asymmetrical corridor around the MPR at +100 and -500 basis points.
According to the governor, the small increase is intended to lessen the impact of inflation and other economic problems.
Since April 2022, when it was 11.50%, the MPR has been increasing.
The rate affects lending and inflation rates, which, when raised, have an adverse effect on the rise in the cost of goods and services.