CBN raised the monetary policy rate to 18%. `

The Central Bank of Nigeria’s monetary policy committee unanimously raised the monetary policy rate to 18%.

This information was disclosed by the 290^th MPC press briefing by the CBN Governor, Mr. Godwin Emefiele.

Addressing journalists at the end of the two-day meeting in Abuja, Mr Emefiele, said the committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR.

Analysts in the country had predicted the Central Bank of Nigeria and the MPC may not raise the lending rates at the end of the Monetary Policy Committee.

However, the governor stated the slight increase is to mitigate the effect of inflation and other economic issues.

The MPR has been on the rise since April 2022, when it was 11.50 per cent.

The rate impacts lending and inflation rates, and, when jacked up, consequently affects upward movement of prices of goods and services.

He said, The MPC committee voted to raise the MPR by 50 basis point to 18 per cent, retain asymmetric corridor at +100 and -500 basis points around the MPR.”