BREAKING: CBN increases interest rate to 17.5%

Members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at its first meeting in 2023 on Tuesday in Abuja voted to increase the interest rate by 100 basis points (17.5 per cent.)

The members in 2022 voted four times and increased the interest rate to 16.5 per cent from 11.5 per cent in a move to counter the rising inflation rate.

The members retain the asymmetric corridor of +100/-700bps around the MPR; retains CRR at 32.5 per cent; and retain the Liquidity Ratio at 30 per cent.

…more details later