Breaking: CBN interest rate rises to13%, second time in 2022.
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Breaking: CBN interest rate rises to13%, second time in 2022.
By Naomisophyblog
The Monetary Policy Rate (MPR) was increased from 13% by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to 14%.
The CBN governor, Godwin Emefiele, announced this to the media on Tuesday at the CBN headquarters in Abuja following the committee meeting.
According to Mr. Emefiele, the increase in interest rates will aid in reducing Nigeria’s rising inflation.
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The benchmark interest rate, or MPR, is the rate on which all other lending rates are based.
With the latest development, the central bank will increase the benchmark rate for the second straight year in 2022.
Details soon…
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