CBN Raises Monetary Policy Rate To 15.5%

The Central Bank of Nigeria has raised the monetary policy rate to 15.5%.

 

The announcement was made today by the Monetary Policy Committee of the Central Bank of Nigeria after it voted unanimously 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.

 

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.

 

The Central Bank during its last MPC meeting had 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.