The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), from 13% to 14% to tackle rising inflation.
In June, Nigeria’s inflation rate reached a five-year high of 18.60%.
The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.
Addressing journalists on Tuesday after the committee’s meeting, Godwin Emefiele, governor of the apex bank, said the hike in interest rate will help address rising inflation.
Details coming in shortly….