Breaking: CBN Raises Interest Rate To 16.5%

The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), commonly known as “official interest rate,” by yet another 100 basis point to hit 16.5 per cent from 15.5 per cent around other parameters.

The Monetary Policy Committee (MPC) of the apex Bank announced the decision on November 22, 2022, at the end of its bi-monthly meeting in Abuja.

CBN governor, Godwin Emefiele, who presided over the meeting, said the decision was to regulate the rates to ensure the gains of the past tightening were not destroyed by a listening or holding of the rates.

There were 11 members of the committee that attended the meeting. 10 members voted to increase the MPR by 100 basis point, one member voted for a reduction.