The interest rate has been increased by 2.5 per cent to 20.5 per cent from 18 per cent in March, the Central Bank of Nigeria’s Monetary Policy Committee (MPC) has said.
The Central Bank of Nigeria’s Monetary Policy Committee MPC has further increased the interest rate by 2.5 per cent to 20.5 per cent from 18 per cent in March.
The Governor of the Central Bank of Nigeria, Godwin Emefiele, disclosing this on Wednesday during the MPC communique presentation and Analysis, explained that the decision is to curtail the rising inflation in Nigeria.
He said, “Our actions to increase the MPR rates are potent because the inflationary pressures you see today confronting us are a global phenomenon and this started in 2022”.
Details later…
