LAST MINUTE: MPC raises the TPM to 17.5% in January 2023 from 16.5%

The central bank’s monetary policy committee voted at its January 2023 meeting to raise its benchmark interest rate, also called the monetary policy rate, from 16.5% to 17.5%.

This was announced by the governor of the central bank, Godwin Emefiele, at a press conference after the end of the meeting of the monetary policy committee held on Tuesday 24, 2023.

This is the first rate hike in 2023, suggesting that the major bank is continuing the hawkish rate policy started in 2022.

…more details soon.