Finance

BREAKING: CBN’s monetary policy committee raises interest rate to 13%


The Monetary Policy Committee of the Central Bank of Nigeria has voted unanimously to raise the benchmark interest rate to 13% after over two years of expansionary monetary policy.

This was disclosed by the Governor of the CBN, Godwin Emefiele, while reading the communique of the third monetary policy committee meeting of the year, on Tuesday 24th May 2022.

The rate which had been at 11.5% since September 2020, in a bid to spur economic growth from the recession witnessed in 2020 due to the covid-19 pandemic, has now been raised by the apex bank after inflation rate rises above 16%.

More details shortly…



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