The policy-setting committee of the Central Bank of Nigeria
(CBN) has raised the monetary policy rate (MPR), which measures interest rate,
from 18 percent to 18.5 percent.

Last week, Nigeria’s inflation rate rose to 22.22 percent
amid the surge in food prices.

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.

Godwin Emefiele, governor of the apex bank, announced the
development to journalists on Wednesday after the committee’s meeting at the
CBN headquarters in Abuja.

The development is the third consecutive time the apex bank
will be raising the benchmark rate this year.

More to follow…