The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which measures interest rate, from 18.5 percent to 18.75%.
Mr Folashodun Shonubi, the Acting CBN Governor announced this after the bank’s Monetary Policy Committee (MPC) meeting in Abuja.
He said, “In summary, the MPR voted to raise the policy rate by 25 basis points from 18.5 to 18.75 per cent.”
While addressing newsmen at the end of the two-day meeting in Abuja, Mr. Shonubi said the committee voted to adjust the asymmetric corridor at +100 and -300 basis points around the MPR.
Meanwhile, Nigeria’s headline inflation last week jumped to 22.79% in June from the 22.41% recoded in May 2023 amid soaring food prices and rising cost of transportation occasioned by the removal of subsidy on Premium Motor Spirit known as petrol.
This was according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistic (NBS). The CPI measures the rate of change in prices of goods and services.
Shonubi said the CBN MPC voted to hike MPR by 25 basis points to 18.75% from 18.5%.
He however, noted that the volatility around foreign exchange rates would soon normalise.