The Central Bank of Nigeria, on Tuesday, raised the Monetary Policy Rate (MPR) which measures interest rate to 14 per cent, the second increase this year.
The MPR is the baseline interest rate against which other lending rates in the economy are pegged
The new interest rate comes less than two months after the apex bank raised the interest rate to 13 per cent from 11.5 per cent.
The increase was disclosed by the governor of the Central Bank, Godwin Emefiele, after the Monetary Policy Committee (MPC) meeting at the CBN headquarters in Abuja.
Emefiele said the hike in interest rate would help tame rising inflation which is currently at five year high of 18.6%.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
