The Central Bank of Nigeria’s (CBN) policy-setting committee increased the monetary policy rate (MPR), which measures interest rates, from 17.5 percent to 18 percent.
Nigeria’s inflation rate increased to 21.9 percent last week as a result of the continuing cash shortage.
Every other interest rate employed in an economy is based on the monetary policy rate (MPR), which serves as its foundation.
During the meeting of the committee at the CBN headquarters in Abuja on Tuesday, the governor of the top bank, Godwin Emefiele, informed the media of the development.