CBN increases MPR again to fight soaring inflation
The Central Bank’s Monetary Policy Committee on Tuesday hiked the monetary policy rate (MPR) to 14 per cent, barely two months after it was raised to 13 per cent by the body.
Godwin Emefiele, the CBN governor made the announcement after the 286th meeting of the MPC. He said the adjustment was needed to defray the effects of rising inflation.
Nigeria’s inflation surged to an 11-month high in May, standing at 17.71 per cent, according to the report from the Nigerian Bureau of Statistics.
MPR is the baseline interest rate in an economy from where every other interest rate used within the economy derives.
The financial regulator had frozen the MPR at 11.5 per cent for two and a half years before the May 24 increment.
More details later..
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Operation Safe Haven commander meets Plateau stakeholders over insecurity
The commander said that the meeting was to address the latest security concerns in some parts of the state.
NationWide
119 inmates escape from Suleja custodial centre in Niger
Mr Duza said the incident occurred after a rainstorm that damaged the Suleja facility on Wednesday.
Health
Philippines battles measles, whooping cough outbreaks: UNICEF
UNICEF said the Bangsamoro Autonomous region in Muslim Mindanao reported more than 500 measles cases before April 1.
Lagos
Lagos considers interpreters for hearing, speech impaired patients at hospitals
Mrs Salu-Hundeyin said Mr Sanwo-Olu caters for everybody in the state.
Politics
Saraki, Olujimi, others make case for female politicians to fill leadership positions
“We want to influence who emerge as candidates of political parties.’’
NationWide
Orphanage owners advocate clinics for unwanted pregnancies
“Instead of a section of society stigmatising these young girls, we need to educate and assist them.’’
