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BREAKING: CBN raises interest rate to 16.5% as inflation persists

BREAKING: CBN raises interest rate to 16.5% as inflation persists %Post Title


The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 15.1 percent to 16.5 percent to tame rising inflation.

Last week, Nigeria’s inflation rate reached a five-year high at 21.09 percent amid soaring 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. (The Cable)

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