LCCI’s STATEMENT ON CBN’s MAY 2023 INTEREST RATE HIKE
The Monetary Policy Committee (MPC) of the CBN, in its May 2023 Meeting, again hiked the benchmark interest rate by 50 basis points to 18.5% from 18.0%. It, however, retained the asymmetric corridor at +100 and -700 basis points around the policy rate. Cash Reserve Ratio (CRR) and Liquidity Ratio (LR) remain at 32.5% and…