CBN’s MPC Raises Interest Rate To 13%
After two and a half years of holding the interest rate, the Monetary Policy Committee) (MPC) of the Central Bank of Nigeria, Tuesday raise the benchmark by150 basis points to 13 per cent.
Interest rate is the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
The governor of the CBN, Godwin Emefiele, disclosed this on Tuesday while reading the communique of the third monetary policy committee meeting of the year.
The nation’s interest rate had stood at 11.5 per cent before today’s hike.
The rise in the rate is to curb rising inflation, with the Consumer Price Index (CPI) currently at 16.82 per cent.
The NBS announced that inflation in the country, with the Consumer Price Index (CPI), has quickened to 16.82 per cent In April 2022 while the unabated increasing price of goods and services, has raised fear of a further rise in inflation in May.
Nigeria’s inflation rate rose to 15.7 per cent in February from 15. 6 per cent in January and further rose to 15.92 per cent in March 2022.
More to follow…
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