The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) from 13 percent to 14 percent. CBN Governor Godwin Emefiele announced this on Tuesday during the 286th meeting of the Monetary Policy Committee held in Lagos.
While the apex bank increased the MPR rate, it, however, retained other parameters. The monetary policy rate (MPR) is the main interest rate in a country or economy and all other interest rates in that economy are based on it.
Tuesday’s rate hike marks the second time, the MPC will raise the interest rate in two months. The MPC increased the rate from 11.5 percent to 13 percent on May 24.