The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) voted Tuesday to continue its increase in the benchmark interest rate by 100 basis points to 17.5 percent.
The CBN governor, Godwin Emefiele, disclosed this while reading the communique of the first MPC meeting of the year on Tuesday, 24 January 2023.
The two-day meeting which was attended by CBN’s 12 MPC members believes the new interest rate would curb further the accelerating rate of inflation and improve Nigeria’s exchange rate.
