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CBN raises interest rate to 18.5%

CBN raises interest rate to 18.5%

24 May, 2023

The Central Bank of Nigeria (CBN), has again raised interest rate from 18 percent to 18.5 percent.

Godwin Emefiele, governor of the apex bank, 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.

More to follow…