Business

CBN jerks up key interest rate

VOICE AIR MEDIA News Update

THE Central Bank of Nigeria (CBN) policy-setting committee has raised the monetary policy rate (MPR), which measures interest rate, from 18 percent to 18.5 percent.

Recall that the MPC had in March voted to increase the benchmark interest rate by 50 basis points to 18 per cent.

Announcing the new interest rate increase on Wednesday, May 24, CBN Governor Godwin Emefiele said the committee voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR.

Emefiele also blamed the rising inflation rate on high energy cost and challenges around the supply chain, among others, which are beyond the reach of the CBN.

He said;

“The current trend in price development would continue to be monitored by the bank with greater collaboration with fiscal authority to address the drivers of inflation.”

VAM News

Recent Posts

Abuja roadside birth as mentally challenged woman delivers

The Federal Capital Territory Police Command has rescued an unidentified mentally challenged woman who delivered…

4 hours ago

Saturday morning blaze sparks panic in lagos

Panic gripped parts of Lagos in the early hours of Saturday following as fire outbreak…

5 hours ago

Troops arrest 13 Boko Haram supply suspects

Troops of the Nigerian Army have arrested 13 persons suspected to be part of a…

7 hours ago

Hon. Aderemi Guilder Debunks Stepping Down Rumour, Says He’s Still in Race for Idanre Assembly Seat

Our attention has been drawn to a rumour circulating around claiming that Hon. Oyewole Aderemi,…

1 day ago

Outrage as tinubu addresses plateau victims at airport

Some residents of Plateau State have berated President Bola Tinubu following his visit to the…

1 day ago

Gov. Adeleke Congratulates OOPA Chairman Lawrence Abioye, Other Excos, Harps on Professionalism

Osun State Governor, Senator Ademola Adeleke has congratulated the new leadership of Osun Online Publishers…

2 days ago