The Central Bank of Nigeria (CBN) has hiked the monetary policy rate (MPR), which measures interest rate, from 18 percent to 18.5 percent.
Last week, inflation rate in Nigeria rose to 22.22 percent amid the surge in food prices.
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.
Godwin Emefiele, governor of the apex bank, announced the development to journalists on Wednesday after the committee’s meeting at the CBN headquarters in Abuja.
The development is the third consecutive time the apex bank will be raising the benchmark rate this year.