Abuja – Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 16.5 per cent to 17.5 per cent to tame rising inflation.
The CBN Governor, Godwin Emefiele announced the decision of the apex bank’s policy-setting committee on Tuesday.
In December, Nigeria’s inflation rate fell slightly from 21.47 per cent to 21.34 per cent.
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.
