BREAKING: CBN raises interest rate to 15.5%% to tame rising inflation

The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 14 percent to 15.5 percent to tame rising inflation.

In July, the interest rate was raised from 13 per cent to 14 percent.

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.

READ ALSO: BREAKING: Nigeria’s inflation rate skyrockets to 20.52%, highest in 17 years

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said 10 members of the committee voted for the rate hike.

In August, Nigeria’s inflation rate rose to a nearly two-decade high at 20.52%.