CBN raises interest rate to 18 per cent

Apex bank, the Central Bank of Nigeria (CBN) through its  Monetary Policy Committee (MPC) has hiked 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 in Abuja on Tuesday

Speaking to newsmen at the end of the two-day meeting, Emefiele, said the Committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR

According to him,  the slight increase is to mitigate the effect of inflation and other economic issues.

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.”