CBN Increases Interest Rate

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CEM REPORT | The Central Bank of Nigeria (CBN) has increased the benchmark interest rate to 14%.

The Monetary Policy Committee (MPC) in its monthly meeting on Tuesday, voted to increase the rate from 13.5% to 14% as a means to fight the inflation rate.

This is according to the first communique from the meeting read by the committee Chairman and Governor of CBN Godwin Emefiele.

Recall that the MPC in May 2022, increased the interest rate from 11.5% to 13.5% to combat the rising prices of good and services.

However, inflation rose to 18.6% in June 2022, from 17.71% recorded in the previous month.

According to the National Bureau of Statistics (NBS), the soaring rate is  largely due to the surge in energy prices and transportation costs.

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