Economic Growth Fears As MPC Raises MPR

The Central Bank of Nigeria, CBN Monetary Policy Committee, MPC has raised the MPR to 13% in an audacious move to check rising inflation.

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

GWGNG reports that the move while checking inflation could also impede growth as funds become more expensive for businesses.

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.

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