- Safiu Kehinde
The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the monetary policy rate, which measures the benchmark interest rate, to 27.25 per cent.
This was disclosed by the CBN governor and chairman of the committee, Olayemi Cardoso, while addressing journalists at a press briefing after the committee’s fifth meeting for the year at the CBN headquarters on Tuesday in Abuja.
Cardoso said the committee members unanimously decided to further tighten monetary policy.
“The committee was unanimous in its decision to further tighten policy and thus decided as follows, one: raise the MPR to 27.25 per cent,” He said.
Accodring to report, this will be the fifth time that monetary policy rate will be increased.
Meanwhile, the monetary policy rate is the baseline interest rate in an economy. Every other interest rate used within an economy is built on the MPR.
More details later…