The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has raised the interest rate by another 18.5 percent, to 20.5 percent from 18 percent in March.
This information was revealed on Wednesday during the MPC communiqué presentation and Analysis by Godwin Emefiele, Governor of the Central Bank of Nigeria.
He clarified that the decision was made to stop Nigeria’s increasing inflation.
BREAKING:CBN Increases Interest Rates To 18%
“Our actions to increase the MPR rates are potent because the inflationary pressures you see today confronting us are a global phenomenon and this started in 2022”, he stated.
To combat inflation, the policy-setting body increased the MPR in March from 17.5 to 18%. The MPR has continued to rise since May of last year, but the National Bureau of Statistics reports that in April of 2023, Nigeria’s inflation rate had risen to 22.22 percent.
The MPR serves as the foundational interest rate for an economy, upon which all other interest rates are constructed.
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