Business
CBN raises interest rate to 18.5 percent
,,,,The Central Bank of Nigeria’s Monetary Policy Committee MPC has further increased the interest rate by 18.5 per cent to 20.5 per cent from 18 per cent in March.
Godwin Emefiele, Governor of the Central Bank of Nigeria, disclosed this on Wednesday during the MPC communique,,,presentation and Analysis.
He explained that the decision is to curtail the rising inflation in Nigeria.
“Our actions to increase the MPR rates are potent because the…..inflationary pressures you see today confronting us are a global phenomenon and this started in 2022”, he stated.
In March, the policy-setting committee raised the MPR from 17.5 to 18 per cent in February to tackle….inflation. However, despite the continued hike of MPR since last year May, the inflation of Nigeria had increased to 22.22 per cent in April 2023, according to the National Bureau of Statistics.
,,,,,The MPR is the baseline interest rate in an economy on which other interest rates within that economy are built.
Dailypost
-
Politics7 days ago
Ondo Guber: Anointed candidate ’emerges’ few hours to APC primary
-
Entertainment6 hours ago
Popular Nollywood Actor, Ogunjinmi Is Dead
-
Metro/Crime7 days ago
Yahaya Bello’s Female ADC, other security details arrested
-
Politics5 days ago
Fresh Suspension Notice Of Ganduje From APC Announced
-
News2 days ago
Passengers Overpower Bandits, Kill One
-
Entertainment2 days ago
Another Veteran Nollywood Actor Is Dead
-
Celebrities6 days ago
Lateef Adedimeji makes another huge comeback with new biopic movie
-
Politics2 days ago
Bola Tinubu announces 12 fresh Appointment (Full list)