The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) increased the interest rate to 17.5 per cent on Tuesday, 24 January 2023.

This was disclosed by the central bank governor, Godwin Emefiele, during the post-MPC meeting held on Monday and Tuesday.

The 17.5 per cent interest rate is the highest in 22 years, as the central bank continues its push against inflation, which soared to 21.34 per cent in December 2022.

Recall that in November 2022, when the MPC held its last meeting last year, the interest rate was also increased to 16.5 per cent, from 15.5 per cent.

Prime Business Africa understands that the recent increment will raise the cost of borrowing and https://www.primebusiness.africa/why-cbn-raised-interest-rate-to-17-5-highest-in-22-years/