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CBN Increases Interest Rate To 18% To Tackle Inflation - Business - Nairaland

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CBN Increases Interest Rate To 18% To Tackle Inflation by BrandSpurNG: 7:42pm On Mar 22, 2023
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has voted to increase the benchmark interest rate by 50 basis points to 18. per cent.

The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the second MPC meeting of the year on Tuesday.

Addressing journalists at the end of the two-day meeting in Abuja, Mr Emefiele, said the committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR.

Analysts in the country had predicted the Central Bank of Nigeria and the MPC may not raise the lending rates at the end of the Monetary Policy Committee.

However, the governor stated the slight increase is to mitigate the effect of inflation and other economic issues.

The MPR has been on the rise since April 2022, when it was 11.50 per cent.

The rate impacts lending and inflation rates, and, when jacked up, consequently affects upward movement of prices of goods and services.

He said, The MPC committee voted to raise the MPR by 50 basis point to 18 per cent, retain asymmetric corridor at +100 and -500 basis points around the MPR.”


SOURCE:https://brandspurng.com/2023/03/22/cbn-increases-interest-rate-to-18-to-tackle-inflation/

Re: CBN Increases Interest Rate To 18% To Tackle Inflation by Xxxxtentacion2: 8:30pm On Mar 22, 2023
Waste of time...
Seems the rate doesn't change anything in Nigeria....
Bag of rice still dey sell for 56k...

Re: CBN Increases Interest Rate To 18% To Tackle Inflation by ogaontop(m): 8:34pm On Mar 22, 2023
I have never actually trusted this guys arithmetics right from day one!

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