To combat growing inflation, the Central Bank of Nigeria’s (CBN) policy-setting council increased the Monetary Policy Rate (MPR), which measures interest rates, from 14 percent to 15.5 percent.
The interest rate increased from 13 percent to 14 percent in July.
The Monetary Policy Rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.
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Godwin Emefiele, the Governor of the apex bank, told reporters on Tuesday that 10 committee members had voted in favor of the rate increase during the committee’s meeting at the CBN headquarters in Abuja.
