The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which measures interest rate, from 18.5% to 18.75%.
The acting CBN Governor, Folashodun Shonubi, made this known while addressing newsmen after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, July 25, 2023.
Shonubi, who said hiking the interest rate has made a lot of difference in moderating the rate of inflation, noted that the CBN MPC voted to raise MPR by 25 basis points to 18.75% from 18.5%.
He added that the committee also voted to adjust the asymmetric corridor to +100/-300 from +100/-700 and retained the Cash Reserve Ratio (CRR) at 32.5%
TShonubi further stated that the volatility around foreign exchange rates would soon normalise.
