CBN RAISES INTEREST RATE TO 18.5%
The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 18 percent to 18.5 percent.
CBN Governor, Godwin Emefiele, who made the disclosure at an ongoing media briefing on Tuesday to mark the end of this month’s MPC meeting, said although the inflation has remained on the increase, the tightening measure has continued to reduce the rate of price increase.
The CBN noted that the aim was to keep inflation rate under control, citing the gains of previous high rate as reason for its new action.
The development is the third consecutive time the apex bank will be raising the benchmark rate this year.