Central Bank of Nigeria (CBN) has increased the monetary policy rate (MPR), which measures interest rate, from 18.5 per cent to 18.75 per cent. That’s an additional rate increase of 0.25%.
Gatekeepers News reports that the MPR is the baseline interest rate in an economy. Every other interest rate used within an economy is built on it.
Last week, Nigeria’s inflation rate rose to 22.79 per cent amid the increase in food prices.
The acting governor of CBN, Folashodun Shonubi, announced the development to journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja.
This is the first Monetary Policy Committee (MPC) meeting since the suspension of Godwin Emefiele as the apex bank governor. The increase is coming at a time President Bola Tinubu is calling for interest rates to be lowered.
This is a developing story.
