CBN Increases Interest Rate To 18.5%

The Central Bank of Nigeria (CBN) has increased the interest rate from 18 percent to 18.5 percent.

The apex bank governor, Godwin Emefiele, announced the decision on Wednesday after the policy-setting committee meeting at the CBN headquarters in Abuja.

The development is the third consecutive time the apex bank will be raising the monetary policy rate (MPR) which measures the interest rate.

This is coming a week after the Nigerian Bureau of Statistics revealed that the country’s inflation rate for the month of April hit 22.22% surpassing last month’s rate of 22.04%.

This new increase marks the third consecutive time the apex bank will be raising the benchmark rate this year.