In a bid to fight inflation rates, the Central Bank of Nigeria (CBN) on Tuesday raised interest rates to 16.5 per cent.
The CBN governor , Godwin Emefiele, while reading the communique of the last Monetary Policy Committee (MPC) meeting of the year on Tuesday, CBN governor, Godwin Emefiele said MPC members voted to increase the benchmark interest rate (MPR) by 100 basis points to 16.5 per cent, the highest level since 2001.
During the meeting, the MPC noted that the tightening will help restore investors’ confidence whilst curbing higher rate of inflation.
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Recall, that the apex bank had increased the MPR from 11.5 per cent earlier this year to 15.5 per cent across three consecutive rate hikes.
Nigeria’s inflation rate rose to 21.09 per cent in October 2022 from 20.77 per cent recorded in the previous month, an indication of a further rise in the cost of goods and services, despite the hawkish move by the CBN in the past six months.
Earlier this year, the apex bank had increased the MPR from 11.5 per cent earlier this year to 15.5 per cent across three consecutive rate hikes.
Nigeria’s inflation rate rose to 21.09 per cent in October 2022 from 20.77 per cent recorded in the previous month, an indication of a further rise in the cost of goods and services, despite the hawkish move by the CBN in the past six months.
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