VOICE AIR MEDIA NEWS UPDATE
THE Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 100 basis points to 17.5 per cent.
The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the first MPC meeting of the year on Tuesday.
This is the fifth time the CBN would increase the interest rate despite advice from manufacturers and some key stakeholders.
The CBN said previous increases were beginning to yield results with the slight drop in the inflation rate recorded in December 2022.
However, the CBN stressed that there was a need to keep tightening its fiscal policy.
The CBN keeps the asymmetric corridor at +100/-700 basis points around the MPR.
The CBN also retained the CRR at 32.5 per cent while the liquidity ratio was kept at 30 per cent.
The apex bank had increased the MPR from 11.5 per cent earlier last year to 16.5 per cent across four consecutive rate hikes in 2022. NAN
More details shortly…
News Update Members of the All Progressives Congress in Ise/Orun Local Government Area of Ekiti…
..Family prays God grant APC victory in August 15 News Update Following the heavy rainstorms…
THE Governorship Candidate of All Progressives Congress APC in the forthcoming governorship election in Osun…
As Christians commemorate the resurrection of Jesus Christ, the immediate past Governor of Ekiti State…
THE Ekiti State Government on Thursday stepped up efforts to promote inclusion and early intervention…
The Federal Capital Territory Police Command has rescued an unidentified mentally challenged woman who delivered…