JUST IN: CBN raises interest rate to 14%, blames inflation, low purchasing power
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted unanimously to raise the Monetary Policy Rate (MPR) to 14 per cent from 13%.
CBN Governor, Godwin Emefiele, announced this on Tuesday while briefing reporters at the end the committee’s meeting at the apex bank’s headquarters in Abuja.
According to Emefiele, the rising inflation which jumped to five year high and also low purchasing power of Nigerians were key in the committee’s decision
The MPR is the baseline interest rate in an economy while every other interest rate used within such an economy is built on it.
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