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JUST IN: CBN raises interest rate to 14%, blames inflation, low purchasing power

by blank on July 19, 2022 • 2:06 pm81
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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.

More details later

The post JUST IN: CBN raises interest rate to 14%, blames inflation, low purchasing power appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.


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81 Comments Drop a Comment

  26. Adekanmi1

    - Jul 20, 2022 at 1:46 pm

    Nice one for them

  29. monumental

    - Jul 20, 2022 at 11:53 am

    It is well

  45. Emmynaija

    - Jul 19, 2022 at 11:34 pm

    As in things are tough for Nigerians these days🤷

  56. emmanueladewale

    - Jul 19, 2022 at 6:22 pm

    I’m

  59. IseoluwaHistoryBeing

    - Jul 19, 2022 at 5:33 pm

    Ok

  63. Anaebo chinenye vivian

    - Jul 19, 2022 at 4:52 pm

    Gvccc

  75. Adebmuyiwa

    - Jul 19, 2022 at 2:42 pm

    Ok. Seen. Alright

  83. Jbaby

    - Jul 19, 2022 at 2:28 pm

    Eeehyaa
    God help us oo
    This is really becoming too much

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