BREAKING: CBN raises Monetary Policy Rates to 18.75 per cent

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) made the decision to moderately hike the monetary policy rates to 18.75 per cent.

Mr. Folashodun Shonubi, the acting Governor of the Central Bank of Nigeria, made this announcement during the press briefing held at the conclusion of the 292nd MPC meeting.

This move comes after the Central Bank of Nigeria had previously tightened the economy by raising the interest rate to 18.5 per cent in its last MPC meeting.

The decision to further increase the monetary policy rates indicates the bank’s continued efforts to manage inflation and stabilize the country’s economic conditions.