Wed. Sep 28th, 2022

CBN Raises Interest Rate To 15.5%

The Central Bank of Nigeria, CBN, has raised the Monetary Policy Rate, MPR, which measures interest rate to fifteen point five percent from fourteen percent to tame rising inflation.

CBN Governor, Dr. Godwin Emefiele who made this known today after a Monetary Policy Committee meeting in Abuja said the Committee voted unanimously to raise the MPR to fifteen point five percent.

He explained that the members deliberated the impact of the widening margin between the current policy rate of fourteen percent and the inflation rate of twenty point fifty two percent.

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