Outcry as CBN raises interest rate again
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday again raised the Monetary Policy Rate from 13 per cent to 14 per cent.
This came barely two months after the MPC, during its bi-monthly meeting in May, raised the benchmark interest rate from 11.5 per cent to 13 per cent.
The interest rate hike came barely one week after the National Bureau of Statistics put its June inflation figure for the economy at 18.6 per cent, the highest in five years. Inflation had hit 17.71 per cent in May, 2022.