The Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, on Tuesday unanimously voted to increase the benchmark interest rate (Monetary Policy Rate) to 15.5% from 14%, being the third hawkish move by the apex bank in 2022 following the rising rate of inflation, Nairametrics report.
The latest move by the MPC is said to be the highest in the last 2 decades years.
This was revealed by the Governor of the CBN, Godwin Emefiele, while reading the communique of the monetary policy committee meeting of the year, on Tuesday 27th September 2022.
The Central Bank during its last MPC meeting increased the interest rate from 11.5% to 14% in the last two meetings. However, with the inflation rate still spiking above 20%, the CBN has raised the rate further to 15.5% in a bid to combat the rising cost of goods and services.
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