CBN Raises Interest Rate to 26.25%
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which benchmarks interest rates, from 24.75 percent to 26.25 percent. On May 15, Nigeria’s inflation rate rose to 33.69 percent amid the surge in food prices. The MPR is the baseline interest rate in an economy, which banks use…
