CBN raises interest rate to 15.5 %

Central Bank of Nigeria has raised the Monetary Policy Rate (MPR), which measures interest rate, to fifteen point five percent from fourteen percent.

CBN Governor, Godwin Emefiele, made this known after a Monetary Policy Committee meeting in Abuja.

The apex bank’s governor said, members deliberated the impact of the widening margin between the current policy rate of fourteen percent and the inflation rate of twenty point five two percent.

Recently, the Naira appreciated slightly against the dollar at the Investors and Exporters window, exchanging at four hundred and thirty-six.

The rate signifies a zero point zero-eight percent appreciation compared to the four hundred and thirty-six point three-three naira for which the dollar exchanged earlier on September twenty-third.

The open indicative rate closed at four hundred and thirty-five point six-seven naira to the dollar.