The Monetary Policy Rate (MPR) of the Central Bank of Nigeria (CBN) has been raised from 16.5% to 17.5 per cent.
The embattled CBN Governor, Godwin Emefiele, made the announcement in Abuja on Tuesday, January 24, 2023, following the Monetary Policy Committee (MPC) meeting of the central bank.
This is the fifth time the CBN has raised interest rates in recent times.
Meanwhile, the CBN kept other variables, such as the asymmetric corridor at +100/-700 basis points around the MPR, in place.
The CBN also maintained the CRR at 32.5 per cent, while the liquidity ratio remained at 30%.
Previously, the apex bank raised the MPR from 11.5 per cent earlier this year to 16.5 per cent over four consecutive rate hikes in 2022.