The Central Bank of Nigeria’s (CBN) monetary policy committee increased the benchmark interest rate, known as the monetary policy rate (MPR), from 24.75 percent to 26.25 percent.
Due to the increase in food costs, Nigeria’s inflation rate reached 33.69 percent on May 15.
The basic interest rate in an economy that banks use to determine their interest rates is known as the monetary policy rate (MPR).
At a press conference held on Tuesday during the committee’s 295th meeting in Abuja, CBN Governor Olayemi Cardoso announced the rate adjustment.
This marks the third time this year that the benchmark rate will be increased by the apex bank.
More details………
