CBN increases interest rate to 18.75% on rising inflation concern

Central Bank of Nigeria, CBN, has increased the monetary policy rate, MPR, from 18.5 per cent to 18.75 per cent.

The MPR which measures interest rate on concern of ballooning inflation rate which 22.79 per cent in June, according to data from the National Bireau of Statistics, NBS.

Addressing journalists after the two-day Monetary Policy Committee (MPC) meeting in Abuja, CBN acting Governor, Mr. Folashodun Shonubi, said the increase in the benchmark interest rate was to respond to rising inflationary pressures.

The CBN also adjusted the asymetric corridor of the MPR to +100/-300 from +100/-700 around the MPR.

This is the MPC meeting since the suspension of Godwin Emefiele as the apex bank governor.

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