The Central Bank of Nigeria (CBN) increased the interest rate from 18% to 18.50%.
Godwin Emefiele, the governor of the Central Bank of Nigeria, announced the decision on Wednesday following a policy-setting committee meeting at the CBN headquarters in Abuja.
This is the third time in a row that the apex bank has raised the monetary policy rate (MPR), which gauges interest rates.
This comes just a week after the Nigerian Bureau of Statistics reported that the country’s inflation rate for April was 22.22%, up from 22.04% the previous month.
According to the study, the headline inflation rate increased to 22.22% in April 2023, compared to 22.04% in March 2023. In terms of movement, the April 2023 headline inflation rate increased by 0.18% points when compared to the March 2023 headline inflation rate.
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This is the third time this year that the apex bank has raised the benchmark rate.