The Central Bank of Nigeria has raised its benchmark interest rate (MPR) to 18.5% during its recent Monetary Policy Committee (MPC) meeting.

This marks the highest interest rate in the country in 22 years. The decision was announced by the CBN governor, Godwin Emefiele, during a post-MPC press conference.

Nigeria has been grappling with high inflation rates and a declining exchange rate.

In April 2023, headline inflation reached its highest level since September 2005. This is the third time this year that the central bank has raised interest rates as part of its efforts to address the persistent inflationary pressures.