{"id":88640,"date":"2023-05-25T06:57:22","date_gmt":"2023-05-25T05:57:22","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cbn-gives-reason-for-raising-interest-rate-to-18-5-per-cent"},"modified":"2023-05-25T09:25:53","modified_gmt":"2023-05-25T08:25:53","slug":"cbn-gives-reason-for-raising-interest-rate-to-18-5-per-cent","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-reason-for-raising-interest-rate-to-18-5-per-cent","title":{"rendered":"CBN gives reason for raising interest rate to 18.5 per cent"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Central Bank of Nigeria has opened up on why it raised the Monetary Policy Rate, also known as the interest rate, to 18.5 per cent from 18 per cent.<\/p>\n

In a communique from the 291st Monetary Policy Committee meeting posted on CBN\u2019s website on Wednesday, the Governor of the apex bank, Godwin Emefiele, stated that its investigation and research found that the country\u2019s interest would have been higher but for its intervention by raising interest rates.<\/p>\n

According to Emefiele, Nigeria\u2019s April inflation rate of 22.22 per cent would have been 30.48 per cent if the MPC had not raised the interest rate.<\/p>\n

The bank\u2019s decision to raise interest rates since May 2022 positively moderated the country\u2019s rising inflation rate.<\/p>\n

\u201cThe results revealed that following each monetary policy rate hike, the rise in inflation moderated relative to what it could have been if the MPC had not aggressively raised rates at all.<\/p>\n

\u201cThe empirical evidence provided showed that whereas inflation in April 2023 stood at 22.22 per cent, the counterfactual evidence suggests that, it could have risen to 30.48 per cent in April 2023, had the MPC not taken any action to raise policy rates as it did since May last year,\u201d he said.<\/p>\n

CBN\u2019s MPC raised the interest to 18.5 per cent.<\/p>\n

CBN retained the Asymmetric Corridor of +100\/-700 basis points around the MPR, Retained the CRR at 32.5 per cent, and Retained the Liquidity Ratio at 30 per cent.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria has opened up on why it raised the Monetary Policy Rate, also known as the interest rate, to 18.5 per cent from 18 per cent. In a communique from the 291st Monetary Policy Committee meeting posted on CBN\u2019s website on Wednesday, the Governor of the apex bank, […]<\/p>\n","protected":false},"author":84,"featured_media":88639,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,503,10508,254],"class_list":["post-88640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-interest-rate","tag-nigeria"],"yoast_head":"\nCBN gives reason for raising interest rate to 18.5 per cent - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria has opened up on why it raised the Monetary Policy Rate, also known as the interest rate, to ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-reason-for-raising-interest-rate-to-18-5-per-cent\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN gives reason for raising interest rate to 18.5 per cent\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria has opened up on why it raised the Monetary Policy Rate, also known as the interest rate, to ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-reason-for-raising-interest-rate-to-18-5-per-cent\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-25T05:57:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-25T08:25:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/05\/sm_1684986860.616008.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-reason-for-raising-interest-rate-to-18-5-per-cent#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-reason-for-raising-interest-rate-to-18-5-per-cent\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CBN gives reason for raising interest rate to 18.5 per cent\",\"datePublished\":\"2023-05-25T05:57:22+00:00\",\"dateModified\":\"2023-05-25T08:25:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-reason-for-raising-interest-rate-to-18-5-per-cent\"},\"wordCount\":257,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-reason-for-raising-interest-rate-to-18-5-per-cent#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/05\/sm_1684986860.616008.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"CBN\",\"interest rate\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-reason-for-raising-interest-rate-to-18-5-per-cent#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-reason-for-raising-interest-rate-to-18-5-per-cent\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-reason-for-raising-interest-rate-to-18-5-per-cent\",\"name\":\"CBN gives reason for raising interest rate to 18.5 per cent - 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