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AugDue to lack of foreign exchange, Nigeria’s inflation rate in July 2023 reached the highest rate in years at 24.08%. The July 2023 rate increased by 1.29% points compared to the previous month’s rate of 22.79%, the National Bureau of Statistics (NBS) reported in a Tuesday report on the Consumer Price Index (CPI). The Consumer Price Index monitors the rate of price change for goods and services. On July 25, 2023, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) from 18.5 percent to 18.75 percent. The interest rate hike happened amid rising food prices and growing […]
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SepThe Monetary Policy Rate was raised by the Central Bank of Nigeria to 15% on Tuesday. The Minimum Rediscounted Rate (MRR), which the CBN held at 15% until August 17, 2003, is now at its greatest level. Up until the CBN announced a new monetary policy framework in 2006, which replaced the MRR with the Monetary Policy Rate, the MRR was the rate adopted by the CBN (MPR). At the 287th Monetary Policy Meeting, CBN Governor Godwin Emefiele stated that “the decision was a move to save the naira and reduce inflation.” The rate increase was approved by all of[…]