The Central Bank of Nigeria's Monetary Policy Committee has raised the interest rate to 14 per cent from 13.5 per cent.
This indicates the second raise in interest this year, as AllNews Nigeria reported on May 24, 2022, that the Central Bank of Nigeria's monetary policy increased the interest rate to 13%
Godwin Emefiele, the CBN Governor, announced this on Tuesday July 19, 2022, during the monetary policy committee meeting in Lagos.
However, during the last CBN's MPC meting it was reported that the interest rate had been at 11.5% since September 2020 in a bid to spur recovery from the recession recorded due to the Covid-19, which was increased to 13% in May 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.
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