MPC Raises MPR to 13% to curb inflation

The CBN Governor, Godwin Emefiele, disclosed the MPC’s decision at the end of the committee’s meetings in Abuja on Tuesday.

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The raise in the MPR is the first time that the rate has been raised since December 2020.

MPR is the interest rate at which the CBN lends to the commercial banks and it is the benchmark against which other lending rates in the economy are pegged and is usually used as an instrument to moderate inflation in the economy.