CBN- Following its 147th meeting in Abuja, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has decided to increase the interest rate, also known as the Monetary Policy Rate (MPR), from 17.5% to 18%.
According to The Punch, the CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the second MPC meeting of the year on Tuesday.
Addressing journalists at the end of the two-day meeting in Abuja, Mr Emefiele, said the committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR.
Analysts in the country had predicted the Central Bank of Nigeria and the MPC may not raise the lending rates at the end of the Monetary Policy Committee.
However, the governor stated the slight increase is to mitigate the effect of inflation and other economic issues
In January, the MPC raised its benchmark lending rate from 16.5 percent to 17.5 percent in a sustained push to control inflation and ease pressure on the naira.
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