After more than two years of expansionary monetary policy, the Nigerian Central Bank’s Monetary Policy Committee unanimously voted to raise the benchmark interest rate to 13%.
This was revealed by the CBN’s Governor, Godwin Emefiele, while reading the communique from the year’s third monetary policy committee meeting on Tuesday, May 24th, 2022.
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The rate, which had been at 11.5 percent since September 2020 in an effort to boost economic growth after the covid-19 pandemic caused a recession in 2020, has now been raised by the apex bank as inflation rates have risen above 16 percent.
More details shortly…