BREAKING: CBN raises interest rate again[See details]

 

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 14 per cent from 13 per cent.

The CBN governor, Godwin Emefiele, made this known Tuesday while addressing journalists after the committee’s meeting at the CBN headquarters in Abuja.

Mr 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.

Details Later…