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  • Business - Companies
  • Updated: September 27, 2022

CBN Increases Interest rate To 15.5%

In a bid to combat the rising cost of goods and services, the Monetary Policy Committee of the Central Bank of Nigeria has unanimously voted to increase the benchmark interest rate (monetary policy rate) to 15.5% from 14%.

Godwin Emefiele, the Governor of the CBN made this known while reading the communique of the monetary policy committee meeting of the year, on Tuesday 27th September 2022.

During the last meeting held in July, the MPC raised the MPR by 100 basis points from 13 per cent to 14 per cent in its last meeting in July which represented the second consecutive hike in the MPR within two months.

Earlier in May, the committee had for the first time since September 2020, increased MPR by 150 basis points from 11.5 per cent to 13 per cent.

 

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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