JUST IN: CBN Raises Interest Rate To 18.5% Amid Rising Inflation

Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which measures interest rate, from 18 percent to 18.5 percent.

Last week, Gatekeepers News reported that Nigeria’s inflation rate rose to 22.22 percent amid the surge in food prices.

The MPR is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

The CBN governor, Godwin Emefiele, announced the development to journalists on Wednesday after the policy-setting committee’s meeting.

The development is the third consecutive time the apex bank will be raising the benchmark rate this year.

This is a developing story.