Cbns Interest Rate Hike Deflates Stock Market Performance

as Seplat, GTCO, MTN record losses

By Peter Egwuatu

The Nigerian ExchangeLimited, NGX closed last week lower as the stock market reacted negatively to the latest interest rate increase by the Central Bank of Nigeria, CBN.

Last week, the Monetary Policy Committee, MPC of the apex bank raised the benchmark interest rate, the Monetary Policy Rate, MPR, by 25 basis points to 27.5 from 27.25.

This marks the sixth consecutive rate hike this year, bringing the total rate increase to 875 bases points, bps from 225bps in 2023.