Economy

BREAKING: CBN raises interest rate to 18.75 percent

The Central Bank of Nigeria (CBN) in its fourth Monetary Policy Meeting for 2023 increased the Monetary Policy Rate (MPR) from 18.5 percent to 18.75 per cent.

Also, the Monetary Policy Committee (MPC) of the CBN retained the Cash Reserve Ratio (CRR) at 32.5 percent and the Liquidity Ratio (LR) at 30 percent.

The Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi while addressing the press on Tuesday in Abuja explained that the MPC decided to hike the MPR by 25BPS in order to contain inflation and check interest rate.

Raufu Musliyu

Raufu Musliyu is the Editor-in-Chief of News Flash Media Service. He is a PhD Student of Al-Hikmah University, Ilorin in the field of Mass Communication. Musliyu holds Masters of Science (M.Sc) Degree in Mass Communication majoring in Public Relations/Advertising. He also holds Bachelor of Science (B.Sc) and Higher National Diploma (HND) in Mass Communication. The Editor-in-Chief also bagged Post-Graduate Diploma (PGD) in Public Relations. He is an Associate of Nigeria Institute of Public Relations (NIPR) and Advertising Regulatory Council of Nigeria (ARCON). Musliyu is the Head of Corporate of Affairs & Administration of Abdulrauf Jimoh & Co.

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