The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR) from 14 percent to 15.5 percent.
This is part of the apex bank’s effort to tame rising inflation.
Godwin Emefiele, governor of the Central Bank disclosed this at a press briefing after the MPC meeting on Tuesday.
In July, the interest rate was raised from 13 per cent to 14 percent.
The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.
Emefiele said 10 members of the committee voted for the rate hike.
In August, Nigeria’s inflation rate rose to a nearly two-decade high at 20.52%.