CBN raises interest rate to 18%

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The Central Bank of Nigeria, CBN, has increased the interest rate to 18 percent.

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This followed a decision taken at 147th Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) on Monday, March 21, 2023.

The MPC resolved in the latest meeting to increase the interest rate, also known as the Monetary Policy Rate (MPR), from 17.5% to 18%.

This move is intended to curb inflation and strengthen the country’s economy.

Details later …