BREAKING: CBN Raises Interest Rate To 22.75%

by Mark Itsibor

1 year ago

in News

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The Central Bank of Nigeria (CBN) has increased the monetary interest rate by 400 basis points, taking the interest rate benchmark to 22.75 per cent from 18.75 per cent, a major tightening measure to tame high inflation currently at 29.9 per cent.

Monetary Policy Committee (MPC) of the central bank, which took the decision at its meeting on Tuesday, also raised the Asymmetric Corridor to +100 -700.

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Tags: Central Bank of Nigeria (CBN)

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Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M