JUST IN: CBN Raises Interest Rate To 14%

The Central Bank of Nigeria has raised the Monetary Policy Rate from 13 percent to 14 per cent.

CBN Governor, Godwin Emefiele, disclosed this on Tuesday during a meeting of the Monetary Policy Council held in Lagos.

While the apex bank increased the MPR rate, it, however, retained other parameters.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would help tame rising inflation.

CBN’s Monetary Policy Committee (MPC) commenced its fourth meeting of the year on Monday in Lagos instead of the Abuja office.

The meeting is coming after the MPC embarked on a retreat at the weekend to appraise its policies in the past.

In its last meeting in May 2022, the CBN raised its benchmark interest rate, known as the Monetary Policy Rate (MPR), by 150 basis points to 13 percent, the first time in six years.