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CBN Raises Benchmark Interest Rate To 17.5%

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In a bid to contain inflation in the country, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) raised its benchmark interest rate to 17.5 percent which was disclosed on Tuesday by the CBN Governor, Godwin Emefiele after the Committee’s first meeting of the year at the CBN Headquarters, Abuja.


According to Emefiele, previous increases to the interest rate have started to produce results due to the slight drop in the inflation rate from 21.47 percent to 21.34 percent as of December 2022.

He further disclosed that the Committee also voted to retain the asymmetric corridor at +100/ -700 basis points around the Monetary Policy Rate (MPR), which is used to measure interest rate.

In addition, the MPC also voted to retain the Cash Reserve Ration (CRR) at 32.5 percent while the liquidity ratio was kept at 30 percent.

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