CBN Increases Interest Rate to 18.75 Percent

The Central Bank of Nigeria (CBN) has announced an increase in the banks’ interest rates.

In its fourth Monetary Policy Meeting for 2023, the CBN raised the Monetary Policy Rate (MPR) from 18.5 per cent to 18.75 per cent.

The decision was made by the Monetary Policy Committee (MPC) of the CBN.

The MPC also retained the Cash Reserve Ratio (CRR) at 32.5 per cent and the Liquidity Ratio (LR) at 30 per cent.

Acting Governor Mr Folashodun Shonubi explained that the hike in MPR by 25 basis points aimed to contain inflation and check interest rates.

Suspended CBN governor, Godwin Emefiele rearrested

Meanwhile, Godwin Emefiele, the embattled suspended CBN governor has been rearrested by the Department of State Services.

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Emefiele was taken into custody again by the secret police after an arraignment before the Federal High Court in Lagos on Tuesday.

While the court granted Emefiele a N20 million bail, he was arrested by the DSS which caused a heavy scuffle at the court premises following a fight with prison officers.