BREAKING: CBN Raises Interest Rate To 15.5%

By Tolulope Oke

The Central Bank of Nigeria (CBN) through the Monetary Policy Committee has voted to raise the benchmark interest rate (monetary policy rate) to 15.5% from 14%.

This is the third hardline move by the CBN in 2022 in response to the inflationary trend.

This was disclosed 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.

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The interest rate was hiked by the Central Bank during the most recent MPC meeting from 11.5% to 14% in the previous two meetings, but since inflation is still running above 20%, the CBN has lifted the rate even further to 15.5% in an effort to counteract the rising cost of goods and services.