The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate from 13 per cent to 14 per cent.
The MPR is the baseline interest rate in an economy while every other interest rate used within such an economy is built on it.
The decision was announced as members of the committee rose from its 286th meeting held in Lagos Tuesday.
Governor of the CBN, Godwin Emefiele, speaking at a press briefing after the MPC meeting said the decision was taken due to concerns of the members of the committee about rising inflation which has soared to 18.60 per cent and the need to urgently curb it.
He added that the CBN would continue to tighten rates to curb inflationary pressures.
He said: “ We need to do more work on inflation. As long as we see inflation at a level that deters growth, the MPC is very determined that if inflation continues, we would continue to tighten rate.”
The apex bank had at is last MPC meeting hiked the interest rates to 13 per cent in its bid to curb inflation.
