BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

The monetary policy rate (MPR), which measures interest rates, was hiked from 13% to 14% by the Central Bank of Nigeria’s (CBN) policy-setting committee.

Every other interest rate employed in an economy is based on the monetary policy rate (MPR), which serves as its foundation.

Godwin Emefiele, governor of the top bank, said the increase in interest rates will aid in containing growing inflation in a statement to journalists on Tuesday following the committee meeting at the CBN headquarters in Abuja.

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