BREAKING: CBN increases interest rate to 18% for second time in 2023

The Central Bank of Nigeria (CBN) has for the second time in 2023 raised its benchmark lending rate to 18 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, March 21, 2023.

Emefiele said although inflation has remained on the increase, the tightening measure has continued to reduce the rate of the price increase.

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The MPR has been on the rise since April 2022, when it was 11.50 per cent.

The rate impacts lending and inflation rates, and, when jacked up, consequently affects upward movement of prices of goods and services.

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He said the MPC committee voted to raise the MPR by 50 basis point to 18 percent, retain asymmetric corridor at +100 and -500 basis points around the MPR.

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