CBN don raise interest rate to 18.5%:
The Central Bank of Nigeria (CBN) policy-setting committee don raise the monetary policy rate (MPR), wey dey measure interest rate, from 18 percent to 18.5 percent.
Remember say Shegzeblog don report say the MPC don in March vote to increase the benchmark interest rate by 50 basis points to 18 per cent.
Announcing the new interest rate increase on Wednesday, May 24, CBN Governor Godwin Emefiele talk say the committee don vote to keep the asymmetric corridor at +100 and -700 basis points around the MPR.
Emefiele also don blame the rising inflation rate on high energy cost and challenges around the supply chain, among others, wey dey 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.”