To combat the nation’s rising inflation rate, the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 18 per cent.
At a press conference on Tuesday to mark the conclusion of the Momentary Policy Committee meeting this month, CBN Governor, Godwin Emefiele, revealed that the Monetary Policy rate was raised to address the country’s continued rising inflation rate.
From 17.5 per cent last month, the MPC increased the MPR to 18 per cent this month.
The MPR is an economy’s baseline interest rate, upon which all other interest rates are based.
Mr. Emefiele explained that the fresh raise is meant to manage the nation’s rising inflation rate.
For the nation to experience economic growth, Emefiele argued that the inflation rate must be controlled.