CBN increases interest rate from 14% to 15.5% – TechEconomy Nigeria

To combat rising inflation, the Monetary Policy Council of the Central Bank of Nigeria (CBN) increased the Monetary Policy Interest Rate (MPR), which measures interest rates, from 14 percent to 15.5 percent.

The interest rate rose from 13 percent to 14 percent in July.

The Monetary Policy Rate (MPR) is the base interest rate in an economy, every other interest rate used within an economy is based on it.

Godwin Emefiele, the governor of Apex Bank, told reporters Tuesday that 10 committee members voted in favor of the rate hike during the committee’s meeting at CBN’s Abuja headquarters.

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