The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) to 14 percent from 13 percent.
CBN Governor Godwin Emefiele made this known Tuesday while addressing reporters after the committee meeting at CBN headquarters in Abuja.
Emefiele said the interest rate hike would help tackle Nigeria’s rising inflation.
The MPR refers to the benchmark interest rate around which all other lending rates revolve.
The new development makes it the second time in a row that the central bank would raise the benchmark rate in 2022.
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