Business - Companies
Updated: May 24, 2022

13% Interest Rate Raised By CBN's Monetary Policy

By Felicia Abisola Olamiji
May 24, 2022
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After two years of expansionary monetary policy, the Central Bank of Nigeria's Monetary Policy Committee has voted unanimously to raise the benchmark interest rate to 13%

The CBN Governor, Godwin Emefiele, disclosed this while reading the communique of the third monetary policy committee meeting of the year, on Tuesday May 24, 2022.

Since September 2020, the rate had been at 11.5% in a bid to spur recovery from the recession recorded due to the Covid-19 has now been raised by the apex bank after inflation rate rose above 16%.

CBN’s move is targeted at curbing the rising rate of inflation in the country, while still cautiously ensuring economic growth.