The Central Bank of Nigeria (CBN) at its just concluded Monetary Policy Committee (MPC) meeting increase its monetary policy interest rates to 18.5 per cent.

The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué of the third MPC meeting of the year on Wednesday.

In April 2023, headline inflation increased to 22.22 per cent from 22.04 per cent in the previous month, marking its highest level since September 2005.

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

“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,” He said

This is the third time the apex bank will be raising it’s interest rate in 2023.