Adesola Sulaimon

The Central Bank of Nigeria (CBN) monetary policy committee has voted to raise the benchmark interest rate to 13% after over two years of expansionary monetary policy.

The Governor of the CBN, Godwin Emefiele, disclosed this at the third monetary policy committee meeting of the year, on Tuesday 24th May 2022.

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The rate which had been at 11.5% since September 2020, has now been raised by the apex bank after the inflation rate went above16%.