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CBN Raises Interest Rate to 18.75 percent

Written by on July 26, 2023

The Central Bank of Nigeria CBN has raised the Monetary Policy Rate MPR, which measures interest rate, from 18.5 percent to 18.75 percent.

Acting CBN Governor, Folashodun Shonubi, announced this  after the bank’s Monetary Policy Committee meeting in Abuja.

This is the first decision of the monetary committee since President Bola Tinubu’s assumption of office on May 29, 2023.

It is also the first decision of the committee in about a decade without the embattled Godwin Emefiele who was suspended as the governor of the apex bank on June 9, 2023.

Acting CBN Governor, Folashodun Shonubi, announced this after the bank’s Monetary Policy Committee meeting in Abuja.


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