The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate (MPR) by 25 basis points to 18.75% from its initial 18.5%.
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The announcement was made by the acting CBN governor, Folashodun Shonubi during a press briefing, after the two-day MPC meeting on Tuesday, 25th July 2023. This is the first MPC meeting chaired by the new acting CBN governor, following the suspension of Godwin Emefiele..
It is also the first decision of the committee in about a decade without Godwin Emefiele who was suspended as the governor of the apex bank on June 9, 2023.
Last week, Nigeria’s headline inflation rose to 22.79% in June from the 22.41% recoded in May 2023 amid soaring food prices and rising cost of transportation occasioned by the removal of subsidy on Premium Motor Spirit known as petrol.
This was according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistic (NBS). The CPI measures the rate of change in prices of goods and services.
Speaking at the CBN headquarters in Abuja on Tuesday, Shonubi said “hiking the interest rate has made a lot of difference in moderating the rate of inflation”.
He said the CBN MPC voted to hike MPR by 25 basis points to 18.75% from 18.5%.
He also said the volatility around foreign exchange rates would soon normalise.
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