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CBN Increases Interest Rate

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CBN

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.

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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.

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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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