The Central Bank of Nigeria (CBN), Tuesday, raised the Monetary Policy Rate (MPR) from 13 percent to 14 percent amid continued inflationary pressure occasioned by limited access to forex, and increasing debt crises.
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.
Godwin Emefiele, CBN Governor, disclosed this during the 286th meeting of the Monetary Policy Committee held in Lagos.
TechEconomy had reported the prediction by analysts that the CBN may increase the Monetary Policy Rate (MPR) higher than the current 13 percent before the end of 2022.
The CBN’s Monetary Policy Committee had previously in May increased the interest rate to 13 percent from 11.5 percent. It was the first change since September 2020.