The Central Bank of Nigeria (CBN) increased the Monetary Policy Rate to 18% from 17.5 per cent on Tuesday, 21 March 2023.
The Governor of the CBN, Godwin Emefiele made this known after the meeting of the Monetary Policy Committee of the central bank.
MPC’s various increases in the interest rate have had a positive impact on the inflation rate, the Governor of the CBN, Godwin Emefiele said.
Further rate hikes will not affect the banking industry in Nigeria, and loosening the interest rate will affect the gains achieved so far.
According to Emefiele, 10 members of the MPC voted to raise the MPR by 50 basis points, leading to the MPC raising the interest rate to 18%.
