CBN Raises Interest Rate to 15.5%

The Monetary Policy Committee of the Central Bank of Nigeria has raised the benchmark interest rate from 14 to 15.5 per cent in order to tame the rising inflation rate.

CBN Governor, Godwin Emefiele made this known at the end of the MPC meeting on Tuesday.

According to Emefiele,this represents a 150-basis-point increase from the 14 per cent rate voted during the last MPC meeting in July.