JUST IN: CBN Increases Interest Rate To 13.5% Amid Inflation

• CBN Increases Interest Rate To 13.5% Amid Inflation

• Emefiele said the MPC is suspicious, there might be an aggressive accretion of inflation

EDITOR’S PICK

• Many Feared Dead As Explosion Rocks Kano
• 2023 Presidency: Ohanaeze Threatens Boycott Of Polls Over Zoning
• Niger-Delta Youth Group Sends Strong Warning To Wike Over Dagogo Detention

EKO HOT BLOG  reports that the Central Bank of Nigeria on Tuesday increased the interest rate to 13.5 per cent for the first time in years.

The interest rate was increased from 11.5 per cent to 13.5 per cent.

The CBN Governor, Godwin Emefiele, announced this while addressing the reporters after the Monetary Policy Committee meeting in Abuja on Tuesday.

Justifying the raise, Emefiele said the MPC is suspicious “there might be an aggressive accretion of inflation”.

To prevent the looming inflation, he said, the MPC had to increase the monetary policy rate by 150 basis points.

FURTHER READING

• Chaos As Angry Passengers Block Abuja Airport Over Flight Delays [PHOTOS]
• 2023: Osinbajo, Tinubu, Fayemi, Others Fail To Agree On Consensus
• Police Take Over PDP Secretariat In Abia

Meanwhile, the nation’s apex bank retained the asymmetric corridor around the MPR at +100 /-700 basis points, Cash Reserve Ratio (CRR) at 27.4 %, and Liquidity Ratio (LR) at 30%.

Click to watch our video of the week

---

Advertise or Publish a Story on EkoHot Blog:

Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.

Citizen journalists will receive a token as data incentive.

Call or Whatsapp: 0803 561 7233, 0703 414 5611