CBN raises interest rate to 18.5%; highest in 22 years
The Central Bank of Nigeria at its just concluded Monetary Policy Committee (MPC) meeting raised its benchmark interest rate (MPR) by 50 basis points to 18.5 per cent, the country’s highest in 22 years.
The CBN governor, Godwin Emefiele, made this known during the post-MPC press conference on Wednesday.
In April 2023, headline inflation increased to 22.22 per cent from 22.04 per cent in the previous month, marking its highest level since September 2005.
This is the third time the Mr Emefiele led apex bank will be raising it’s interest rate in 2023.
Nigeria has struggled with a high rate of inflation as well as a declining exchange rate at both the parallel and official markets.
In April 2022, headline inflation reached its highest level in more than 17 years, eroding the purchasing power of the populace.
However, the apex bank has continued to increase the interest rate to combat the continued rising inflation.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Tinubu’s retention of Shettima as running mate gives APC full control of north, lawmaker says
The senator expressed confidence that northern voters would overwhelmingly support the Tinubu-Shettima ticket.
Anti-Corruption
Indonesia’s top anti-corruption prosecutor resigns after police found gold, $20 million cash in his home
Mr Adriansyah, 58, who was appointed special crimes prosecutor four years ago, has denied any wrongdoing.
States
Police nab 22-year-old Abia man for alleged robbery
The police spokesperson added that the suspect’s act instilled fear in his victims and dispossessed them of their belongings.
Ibadan
Makinde visits rescued pupils, teachers, pledges support for full recovery
Mr Makinde said some of the victims appear weak and would need medical care and psychosocial support to address post-traumatic issues.
States
Cash Transfer: FG disburses stipends to 1,381 Edo residents
Ms Idaomi said eligible households received N75,000, while eligible individuals received N25,000 each.
States
Youths shun Edo LG polls to play football in Benin
The youth mounted goalposts and played football in sets.
