BREAKING: CBN raises interest rate to 16.5% as inflation persists | TheCable

The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 15.1 percent to 16.5 percent to tame rising

Last week, Nigeria’s inflation rate reached a five-year high at 21.09 percent amid soaring food prices. The monetary policy rate is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

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