• en ▼
    X
    ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
Breaking News
ON NOW
16:08, 19th Jul, 2022 by

To Tackle Rising Inflation, Nigeria Raises Interest Rates to 14%

AFRICA

In June, Nigeria’s inflation rate reached a five-year high of 18.60%.

 

[bc_video video_id=”6309721411112″ account_id=”6116119081001″ player_id=”default” embed=”in-page” padding_top=”56%” autoplay=”” min_width=”0px” playsinline=”” picture_in_picture=”” max_width=”640px” mute=”” width=”100%” height=”100%” ]

 

The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), from 13% to 14% to tackle rising inflation.
In June, Nigeria’s inflation rate reached a five-year high of 18.60%.
 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.
 Addressing journalists on Tuesday after the committee’s meeting, Godwin Emefiele, governor of the apex bank, said the hike in interest rate will help address rising inflation.

Follow us on:

Related News:
ON NOW

POPULAR

Top Stories

Navigation

Company

Specialist

Easily access major global news with a strong focus on Africa. As well as the main stories of the day, we like to accentuate positive stories about Africa across all genres including Politics, Business, Commerce, Science, Sports, Arts & Culture, Showbiz and Fashion.

We broadcast 24 hours a day from our studios in London and New York and can be seen here in the UK and across Europe on the Sky platform (Sky channel 516), Freeview (Channel 136) as well as in the USA on the Centric channel and also on the Hot bird platform, which transmits to Europe, North Africa and the Middle East.