CBN increases interest rate to 18.75% in first MPC session since Emefiele’s suspension

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate (MPR) by 25 basis points to 18.75% from its initial 18.5%, representing the highest interest rate in 22 years.

The announcement was made by the acting CBN governor, Folashodun Shonubi during a press briefing, after the two-day MPC meeting on Tuesday, 25th July 2023. This is the first MPC meeting chaired by the new acting CBN governor, following the suspension of Godwin Emefiele..

This is also the first MPC meeting under President Bola Tinubu’s administration.