Nigeria’s interest rate fifth highest globally – MPC member

The current Monetary Policy rate of 27.50 per cent charged by the Central Bank of Nigeria to commercial banks on borrowings is the fifth highest in the world, a member of CBN’s Monetary Policy Committee, Mustapha Akinkunmi, has said.

In Nigeria, the Monetary Policy Rate is the interest rate set by the Central Bank of Nigeria that serves as a benchmark for lending rates in the economy. It influences the cost of borrowing and the overall money…