Nigeria: CBN Increases Benchmark Interest Rate to 17.5%

24 January 2023

The CBN's MPC also voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR

The Central Bank of Nigeria Tuesday raised its benchmark lending rate to 17.5 per cent to sustain the current policy to further rein in inflation.

The CBN governor, Godwin Emefiele, announced this Tuesday at the end of the Monetary Policy Committee meeting that began Monday.

Addressing journalists at the end of the 2-day meeting of the Monetary Policy Committee (MPC) meeting in Abuja, Mr Emefiele said the committee voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR, Cash Reserve Ratio (CRR) at 32.5 per cent as well as the Liquidity Ratio at 30 per cent.

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