34.1 C
Abu Dhabi

Again, CBN Rises MPR To Fight Soaring Inflation

Just two months after it was increased to 13% by the body, the Monetary Policy Committee of the Central Bank increased the monetary policy rate (MPR) to 14 percent on Tuesday.

The news was made by CBN Governor Godwin Emefiele following the MPC’s 286th meeting. According to him, the change was required to offset the consequences of growing inflation.

READ MORE: Netflix Investors Seek Direction After Poor Q2 Earnings

The Nigerian Bureau of Statistics reported that in May, Nigeria’s inflation spiked to an 11-month high, coming in at 17.71%.

The MPR serves as the economy’s starting point from which all other interest rates are derived.

Prior to the increase on May 24, the banking authority had held the MPR steady at 11.5 percent for two and a half years.

JOIN OUR NEWSLETTER

- Advertisement -

Our newsletter gives you access to a curated selection of the most important stories daily.

- Advertisement -

Must Read

Adoga Stephen
Adoga Stephen is a trained journalist, researcher, creative writer and freelancer. He studied Mass Communication at the Lagos State University of Science and Technology (then Laspotech) and acquired requisite skills for the practice of journalism, a profession he has been practicing since 2016.

Just two months after it was increased to 13% by the body, the Monetary Policy Committee of the Central Bank increased the monetary policy rate (MPR) to 14 percent on Tuesday.

The news was made by CBN Governor Godwin Emefiele following the MPC’s 286th meeting. According to him, the change was required to offset the consequences of growing inflation.

READ MORE: Netflix Investors Seek Direction After Poor Q2 Earnings

The Nigerian Bureau of Statistics reported that in May, Nigeria’s inflation spiked to an 11-month high, coming in at 17.71%.

The MPR serves as the economy’s starting point from which all other interest rates are derived.

Prior to the increase on May 24, the banking authority had held the MPR steady at 11.5 percent for two and a half years.

JOIN OUR NEWSLETTER

Our newsletter gives you access to a curated selection of the most important stories daily.

Specially For You

- Advertisement -

Recommended

- Advertisement -
- Advertisement -