July 25, (THEWILL) – The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the interest rate to 18.75 per cent on Tuesday.
After the committee’s meeting on Tuesday, which is the first without Godwin Emefiele in nine years, and the first under the new government, the interest rate was raised by 25 basis points from 18.5 per cent
This contradicts analysts’ predictions that the MPC would leave the rate untouched in view of prevailing macroeconomic environment that has seen inflation hit 22.79 percent in June 2023, according to the National Bureau of Statisticts (NBS).
Acting CBN Governor, Folashodun Shonubi, announced this on Tuesday after the bank’s Monetary Policy Committee (MPC) meeting in Abuja.
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About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
