The Central Bank of Nigeria (CBN) has further increased the benchmark interest rate by 100 basis points to 17.5 per cent.
CBN Governor, Godwin Emefiele, announced this on Tuesday following a meeting of the apex bank’s Monetary Policy Committee (MPC).
This is the fifth time the CBN would increase the interest rate, amidst concerns raised by manufacturers and some key stakeholders.
The CBN said previous increases were beginning to yield results with the slight drop in the inflation rate recorded in December 2022.
However, the CBN stressed that there was a need to keep tightening its fiscal policy.