The Central Bank of Nigeria (CBN) on Tuesday, July 24, raised its benchmark interest rate, known as the Monetary Policy Rate (MPR), from 18.5 percent to 18.75 percent.
This is the first monetary policy decision made by the committee since the Bola Tinubu administration took office on May 29, 2023.
The acting governor of the apex bank, Folashodun Shonubi, announced the development at the end of the two-day Monetary Policy Committee (MPC) in Abuja.
Addressing journalists, Shonubi said the committee voted to adjust the asymmetric corridor at +100 and -300 basis points around the MPR.
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