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Nigeria
Thursday, February 2, 2023

BREAKING: CBN increases interest rate to 17.5% for fifth time in 12 months

The Central Bank of Nigeria (CBN) has for the fifth time raised its benchmark lending rate to 17.5 percent in a sustained push to control inflation and ease pressure on the naira.

The CBN governor, Godwin Emefiele made this known at the end of the Monetary Policy Committee meeting in Abuja, on Tuesday, January 24, 2023.

The CBN said previous increases were beginning to yield results with the slight drop in the inflation rate recorded in December 2022.

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However, the CBN stressed that there was a need to keep tightening its fiscal policy.

The CBN keeps the asymmetric corridor at +100/-700 basis points around the MPR.

The CBN also retained the CRR at 32.5 percent while the liquidity ratio was kept at 30 percent.

The apex bank had increased the MPR from 11.5 percent earlier last year to 16.5 percent across four consecutive rate hikes in 2022.

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The CBN has also maintained that it would not be extending the deadline for the extinction of the old naira notes from 31st January 2023. Highlighting that the 100i-day window is more than enough to deposit all old naira notes in circulation to the banks. 

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