The Monetary Policy Committee of the Central Bank of Nigeria has raised the Monetary Policy Rate to 14 percent from 13 percent.
The CBN governor, Godwin Emefiele, made this known Tuesday while addressing journalists after the committee’s meeting at the CBN headquarters in Abuja.
Emefiele said the hike in interest rate would help address Nigeria’s rising inflation.
The MPR refers to the baseline interest rate around which all other lending rates revolve.
The new development makes it the second consecutive time the central bank would raise the benchmark rate in 2022
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