Nigeria raises policy rate by 100bp


The Central Bank of Nigeria ordered a 100 basis point increase in the policy rate on July 19 to 14%, its highest level since early 2019. The increase was the second in a row, after a 150bp hike at the May monetary policy meeting.

Although the CBN’s 11-member monetary policy committee unanimously favoured increasing the policy rate, it split on the size of the increase. A bare majority of six backed the 100bp option, while four favoured smaller increases. An eleventh member took the most hawkish

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: