The Central Bank of Nigeria, CBN, has increased the country’s Monetary Policy Rate (MPR), which is also known as interest rate from 26.25% to 26.75%
The Monetary Policy Rate measures interest rates by 50 basis points.
The apex bank announced the MPR increment amid sustained rising inflation and skyrocketing food prices and scorching hardship.
The interest rate raise was announced on Tuesday in Abuja by the CBN Governor, Olayemi Cardoso, after the apex bank’s 296th Monetary Policy Committee (MPC) meeting.
SaharaReporters had reported that at the end of May 2024, Nigeria’s inflation rate hit a record high of 33.95% under the All Progressives Congress (APC)-led administration.
As of April 2015, a month before APC took over power, the inflation rate in Nigeria stood at 8.7%.
Down the years, and especially since last year, Nigerians have expressed anger at the state of the country’s economy.
Also, unemployment is on the high in the country, 63% of persons in Nigeria put at 133 million were multi-dimensionally poor as of 2022, before the Bola Tinubu-led administration came to be.
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