The Central Bank of Nigeria (CBN) through its policy committee has increased the monetary policy rate (MPR), from 13 percent to 14 percent. This was revealed by the CBN governor, Godwin Emiefele at the Monetary Policy Committee (MPC) two days meeting while addressing journalists in the Lagos State on 19th July 2022, noting that the hike will help curtail the rising inflation uptick.
The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy s built on. According to Emiefele the apex bank is seriously worried over rising consumer prices and needed to take action to reverse it while still supporting growth recovery.
In its last meeting in May 2022, the CBN raised its benchmark interest rate, known as the MPR by 150 basis points to 13 percent, for the first time in six years.
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