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Tag: Interest rate

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How CBN raised interest rate from 11.5% to 17.5% in eight months

  The Central Bank of Nigeria has raised its benchmark interest rate five times since May 2022. The bank had retained its 11.5 percent interest rate for six years before the consecutive increases that happened from May 2022 to January 2023. During this period, the Monetary Policy Rate was raised from 11.5 percent benchmark to […]

News

What every Nigerian should know about the interest rate

Oluwanifemi Ojo   Interest rate is a measure of the amount paid on a borrowed money or the amount received for saving money. This means, if an amount of money is borrowed, the individual/entity is required to pay a percentage of the money within a specified period, based on the agreed term. Similarly, if an […]

Monarchs begs CBN to extend old naira deadline
Economy

CBN raises interest rate to 17.5%

  The Central Bank of Nigeria has raised the Monetary Policy Rate, which measures the interest rate to 17.5 per cent. The CBN Governor, Godwin Emefiele, announced this after the apex bank’s Monetary Policy Committee meeting in Abuja on Tuesday. Channels reported that the MPC raised the monetary policy rate by 100 basis point to […]

Monarchs begs CBN to extend old naira deadline
Economy

MPC meets over interest rate hike

  The Monetary Policy Committee meeting of the Central Bank of Nigeria is expected to meet on Monday to proffer solutions to the recent rise in interest rates. According to The PUNCH, the meeting is expected to hold between the 28th to 29th in Abuja. Cordros Securities analysts expect a rate hike after the meeting, […]

100% cashless economy possible in Nigeria - Emefiele
Economy Uncategorized

CBN raises interest rate to 15.5%

To tame rising inflation, the Central Bank of Nigeria’s policy-setting committee has raised the monetary policy rate to 15.5 per cent from 14 per cent. According to The Cable, the MPR which measures interest rate was increased again on Tuesday after two consecutive increments in 2022. The monetary policy rate is the baseline interest rate […]