CBN raises interest rate to 18.5 %

The Monetary Policy Rate (MPR) of the Central Bank of Nigeria (CBN) has raised from 18 to 18.5 per cent

The CBN Governor, Mr. Godwin Emefiele, disclosed this at the end of the Monetary Policy Committee meeting, in Abuja, this afternoon.

He said that the rate hiking strategy, which started in May last year, has been working by reducing the rate at which inflation has been rising in the country.

Mr. Emefiele also said that with the multi-billion dollar Dangote Refinery coming on stream, it was time to exit petrol subsidy.

He assured that the refinery which plans to export part of its products to other countries, would earn huge sums of foreign exchange for the country.

The CBN boss said that it would also ease the current pressure on the foreign exchange market.

According to him, going forward, the apex bank would reduce its quasi-fiscal interventions.

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