Business

Nigeria’s central bank raises interest rate to 16.5 per cent

The monetary policy rate (MPR), which is a measurement of interest rate, has been raised from 15.1 per cent to 16.5 per cent by the policy-setting committee of the Central Bank of Nigeria (CBN).

The monetary policy rate (MPR), which is a measurement of interest rate, has been raised from 15.1 per cent to 16.5 per cent by the policy-setting committee of the Central Bank of Nigeria (CBN). This move was made in an effort to manage growing inflation.

As a result of the rising cost of food, Nigeria’s inflation rate hit a five-year high of 21.09 per cent just the week before.

The monetary policy rate, often known as the MPR, is the interest rate that serves as the foundation for all other interest rates utilised within an economy.