CBN increases interest rate to 18.75%

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The Monetary Policy Committee of the Central Bank of Nigeria (CBN) on Tuesday raised the Monetary Policy Rate (MPR) by 25 basis points to 18.75 per cent from 18.5 per cent.

The Acting CBN Governor, Mr. Folashodun Shonubi, who addressed journalists after the two-day Monetary Policy Committee (MPC) meeting in Abuja, said the increase in the benchmark interest rate was to respond to rising inflationary pressures.

Also, the CBN also raised the asymetric corridor of the MPR to +100/-300 from +100/-700 around the MPR.

Morw details later….