Bank Interest Rate in Nigeria 2022 Latest Update

Filed in Articles by on April 11, 2022 0 Comments

Do you want to know the current interest rate in Nigeria? If yes, then this article is for you.

Bank Interest Rate in Nigeria

In Nigeria, interest rate decisions are taken by The Central Bank of Nigeria. The official interest rate is the Monetary Policy Rate (MPR).

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Interest Rate in Nigeria 2022

The Central Bank of Nigeria kept its benchmark interest rate steady at a six-year low of 11.5% in March of 2022, in line with market forecasts, saying that tightening could adversely impact the fragile recovery of output growth and may stiffen the expected investment expansion. Nigeria’s annual inflation rate rose to 15.7% in February, compared to the central bank’s 9% target. Six members of the monetary policy committee voted to left the rate unchanged, three members wanted a 25 basis point increase, while one voted for a half percentage point hike.

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Source: Sabonews.org

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