Nigerian Central Bank Raises Rates In First Test Of Autonomy
Date
7/25/2023 2:38:45 PM
(MENAFN- The Peninsula) Bloomberg
Nigeria's central bank defended its independence by extending its longest phase of monetary tightening to tame inflation, despite calls by President Bola Tinubu for borrowing costs to be lowered.
The monetary policy committee, at its first meeting presided over by acting Governor Folashodun Shonubi, on Tuesday increased the benchmark rate by 25 basis points to a record 18.75%.
The median of 17 economists surveyed by Bloomberg expected a 50 basis-point rise in rates.
Shonubi replaced Godwin Emefiele, who was arrested in June and later charged with the illegal possession of a firearm. He has since been granted bail.
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