CBN increases interest rate to 17.5%

The Central Bank of Nigeria has announced an increase in the Monetary Policy Rate from 16.5 to 17.5%.

The Bank’s Governor, Godwin Emefiele announced the increase at the end of the first Monetary Policy Committee meeting for the year 2023.

He said the increase was informed by the rising inflationary trend and the need to check it.

The CBN Governor said the option to loosen the interest rate was not considered because of its impact on the bank’s previous policies as it represents the fifth consecutive rate hike.

On the deadline for the old 200, 500 and 1,000 notes, he said there was no going back, and appealed to those who still had the notes to turn them in before January 31.