CBN raises interest rate to 18.5%

The CBN governor stated that tightening would also boost attempts to moderate demand-pool inflation as the cost of financing rose.The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) from 18% to 18.50%.The CBN Governor, Godwin Emefiele, announced this on Wednesday in Abuja after presenting the statement following the MPC's 291st meeting. According to the News Agency of Nigeria (NAN), the MPR is the baseline interest rate in an economy upon which all other interest rates are based. At its most recent meeting in March, the committee increased the MPR from 17.5% to 18%.