The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further increased the interest rate by 18.5 per cent to 20.5 per cent from 18 per cent in March. At the MPC communique presentation and analysis on Wednesday, CBN Governor, Mr. Godwin Emefiele explained that the decision is to curtail the rising inflation in Nigeria. “Our actions …

The Central Bank of Nigeria (CBN) on Tuesday raised the Monetary Policy Rate (MPR), through which interest rate is measured, from 13 percent to 14 percent, explaining that the measure is to control rising inflation. MPR is the baseline interest rate in an economy, around which other interest rates in an economy revolves. Last month, Nigeria’s inflation rate reached a five-year high …

Some financial experts have called on the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to adopt a more realistic approach to its policy decisions. The MPC moved the benchmark interest to 13 per cent, 150 basis points above the previous rate three months ago. It is the first change since September 2020. Reading the communique of …