The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to increase the benchmark interest rate by 25 basis points, bringing it to 18.75 percent.
The decision was announced by the Acting CBN Governor, Folashodun Shonubi, during the reading of the communiqué at the end of the fourth MPC meeting of the year on Tuesday.
Mr. Shonubi stated, “In summary, the MPR voted to raise the policy rate by 25 basis points from 18.5 to 18.75 percent.”
The adjustment comes as the CBN continues its monetary policy tightening cycle, which began in May 2022.
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Since then, the benchmark interest rate has been steadily rising, reaching 18.5 percent in May of the current year.
Furthermore, the MPC also voted to modify the asymmetric corridor, adjusting it to +100 and -300 basis points around the MPR.