HAPPENING NOW! CBN Raises Benchmark Interest Rate To 14%

The Central Bank of Nigeria Monetary Policy Rate, MPR, the benchmark used in determining interest rates in the country has been raised to 14%, Governor Godwin Emefiele has just announced.

The decision was effected by the Monetary Policy Committee, MPC of the CBN at the end of its two day meeting in Abuja.

GreenWhiteGreen GWG reports that it was the second time in more than two and half years that the CBN MPC would be raising the MPC, the last being at the May meeting of the committee.

Governor Emefiele said the decision was upon the fact that the inflationary pressures were still pressing despite the raise at the last MPC meeting.

GreenWhiteGreen GWG reports that banks in the country are still trying to effect the raise in the interest rates they offered credits to their customers and would now be pressed to further hike the interest rates of outstanding loans.

The development it is feared could further tighten the economy.

“Inflation can be a terrible scourge,” Governor Emefiele said this afternoon at the ongoing press conference in Abuja. According to him the inflationary pressure is all over the world and that Nigeria is not alienated from what is happening.

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