The Monetary Policy Rate (MPR) of the Central Bank of Nigeria (CBN) has been increased from 13% to 14% by the Monetary Policy Committee (MPC).
After the committee’s meeting on Tuesday at the CBN headquarters in Abuja, the governor of the central bank, Godwin Emefiele, informed the media of this.
The increase in interest rates, according to Mr. Emefiele, will aid in reducing Nigeria’s rising inflation.
The MPR is the benchmark interest rate (IBOR) around which all other lending rates are based.
Given the new information, the central bank will increase the benchmark rate for the second straight year in 2022.
Soon, details…
