On Tuesday, the Central Bank of Nigeria (CBN) raised its benchmark interest rate, known as the Monetary Policy Rate (MPR), by 25 basis points to 18.75, maintaining the hawkish stance of ousted governor Godwin Emefiele.
The CBN also adjusted the asymmetric corridor around the MPR to +100-300.
Also Read: CBN raises interest rate to 18% on rising inflation, fragile growth
This was announced by Folashodun Shonubi, acting governor of the CBN, after the two-day Monetary Policy Committee (MPC) in Abuja. The meeting outcome was delayed by over two hours compared to the previous meeting briefings.
