Breaking: CBN Raises MPR to 18.75%

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Tuesday resolved to raise the Monetary Policy Rate (MPR) by 25 basis points to 18.75 per cent from 18.5 per cent.

Addressing journalists after the two-day Monetary Policy Committee (MPC) meeting in Abuja, CBN acting Governor, Mr. Folashodun Shonubi, said the increase in the benchmark interest rate was to respond to rising inflationary pressures.

The CBN also adjusted the asymetric corridor of the MPR to +100/-300 from +100/-700 around the MPR.

Details later….