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BREAKING: CBN increases MPR to 17.5% in January 2023 from 16.5%

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The monetary policy committee of the central bank has voted in its January 2023 meeting to raise its benchmark interest rate otherwise called the monetary policy rate to 17.5% from 16.5%.

This was announced by the governor of the central bank, Godwin Emefiele at a press briefing following the end of the monetary policy committee meeting held on Tuesday 24th, 2023.

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This is the first interest rate hike in 2023 suggesting the apex bank is continuing with the hawkish rate policy started in 2022.

…more details soon.

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