The Central Bank of Nigeria (CBN) made its first monetary policy decision under the Bola Tinubu administration on Tuesday, July 24. The apex bank raised its benchmark interest rate, known as the Monetary Policy Rate (MPR), from 18.5 percent to 18.75 percent.
Folashodun Shonubi, the acting governor of the CBN, announced the decision at the end of the two-day Monetary Policy Committee (MPC) meeting held in Abuja. The committee voted to adjust the asymmetric corridor at +100 and -300 basis points around the MPR.
The decision reflects the CBN’s response to prevailing economic conditions and is likely to have implications for borrowing costs, investments, and overall monetary policy in the country.
