Why Central Bank of Nigeria adjusted interest rate after two and a half years

By Chioma Obinagwam

Nigeria’s apex monetary authority, the Central Bank of Nigeria (CBN) announced at the end of the 285th meeting of the Monetary Policy Committee (MPC) that it has increased Monetary Policy Rate (MPR) by 13 percent.

Confiance News gathered from its official Twitter handle on Tuesday.

Governor of the CBN, Godwin Emefiele disclosed that the reason for the upward review of the interest rate was to check inflation.

Confiance News reports that Nigeria’s inflation rate as at April 2022 stood at 16.82 percent.