The monetary policy committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, to 27.65 percent — from 26.25 percent.
Gatekeepers News reports that the governor of the apex bank, Olayemi Cardoso, announced the rate adjustment on Tuesday at the end of the committee’s 296th meeting in Abuja.
Last week, Nigeria’s inflation rate rose to 34.19 percent amid the surge in food prices.
The MPR is the baseline interest rate in an economy, every other interest rate used within the economy is built on it.
This is a developing story.
