JAGISTS

To combat growing inflation, the Central Bank of Nigeria’s policy-setting council increased the monetary policy rate (MPR), which measures interest rates, from 14 percent to 15.5 percent.

The interest rate was increased from 13% to 14% in July.

Every other interest rate employed in an economy is based on the monetary policy rate (MPR), which serves as its foundation.

Godwin Emefiele, the governor of the central bank, told reporters on Tuesday that 10 committee members had voted in favor of the rate increase during the committee’s meeting at the CBN headquarters in Abuja.

At 20.52% in August, Nigeria’s inflation rate reached a level not seen in almost two decades.