CBN raises interest rate to 18.75 per cent

The Central Bank of Nigeria (CBN) on Tuesday, July 25 in its fourth Monetary Policy Meeting for 2023 increased the Monetary Policy Rate (MPR) from 18.5 percent to 18.75 per cent.

Also, the Monetary Policy Committee (MPC) of the CBN retained the Cash Reserve Ratio (CRR) at 32.5 percent and the Liquidity Ratio (LR) at 30 percent.

The Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi while addressing the press on Tuesday in Abuja explained that the MPC decided to hike the MPR by 25BPS in order to contain inflation and check interest rate.