CBN raises interest rate to 18% to control price, inflation

The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) has uplifted the official interest rate by 50 basis point.  

The economic policy was considered as a measure to tame inflation in Nigeria.

With the new development, the apex bank has brought official interest rate at 18% from 17.5% in January 2023.

The apex said the policy was control the inflation rate, considering the profits of previous high rate as reason behind the new development.

The Governor of the CBN made this revelation at media briefing on Tuesday March 21.

He said even though the inflation has increased, the tightening measure has remained a measure to control price and its tendency to increase.

Details shortly…