{"id":65047,"date":"2022-09-27T15:42:13","date_gmt":"2022-09-27T14:42:13","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=65047"},"modified":"2022-09-27T15:42:13","modified_gmt":"2022-09-27T14:42:13","slug":"breaking-cbn-raises-interest-rate-to-15-5","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/breaking-cbn-raises-interest-rate-to-15-5\/","title":{"rendered":"BREAKING: CBN Raises Interest Rate To 15.5%"},"content":{"rendered":"
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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again increased the monetary interest rate (official interest rate) by 150 basis point at the September edition of its bi-monthly meeting.<\/p>\n<\/div>\n

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By that, the apex bank increased the interest rate from 14 per cent to 15.5 per cent.<\/p>\n<\/div>\n

\nThe bank also increased its Cash Reserve Ratio (CRR) by five per cent by a minimum by 32.5 per cent.<\/p>\n

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At its meeting in July when the MPC increased MPR to 14 per cent, CBN Governor, Godwin Emefiele, said the the bank would continue to raise rates in line with the rising inflationary figure. Nigeria\u2019s inflation currently stands at 20.52 per cent.<\/p>

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By increasing the CRR, Emefiele said all the banks in Nigeria must fund their accounts latest by Thursday \u201cbecause we will debit their account by Thursday.\u201d<\/p>\n<\/div>\n

\nHe said any bank that fails to fund its account will face sanctions, including denial of access to Forex.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again increased the monetary interest rate (official interest rate) by 150 basis point at the September edition of its bi-monthly meeting.<\/p>\n","protected":false},"author":6,"featured_media":65048,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[36],"coauthors":[2391],"class_list":["post-65047","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-cbn"],"yoast_head":"\nBREAKING: CBN Raises Interest Rate To 15.5% - National Wire<\/title>\n<meta name=\"description\" content=\"The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has again increased the monetary interest rate (official inter\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/breaking-cbn-raises-interest-rate-to-15-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BREAKING: CBN Raises Interest Rate To 15.5% - 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