Monetary policy rate: CBN boss defends interest rate hike, says it’s crucial to curbing inflation


After two days of careful deliberations, the policy setting committee of the Central Bank of Nigeria has decided to tighten interest rate by increasing MPR by 16.5 percent.

This hike, according to the CBN governor Godwin Emefiele, is a means to ensure that inflation rate is tamed and investors’ confidence is restored in the nation’s economy.

Despite a steady increase in MPR in the past three consecutive MPC meetings, inflation pressure has not moderated as expected.

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