Abuja, July 23, 3034 – The Central Bank of Nigeria (BN) has raised the Monetary Policy Rate (MPR) to 26.75% from 26.25%.
MPR is the nominal anchor of bank lending rates.
Olayemi Cardoso, the CBN Governor, announced the decision on Tuesday after Monetary Policy Committee meeting in Abuja.
The persistent increase of the MPR since the beginning of the year has become an issue of controversy among experts, some of whom have argued that the high MPR have really not checked the soaring inflation in the country.
They advised the apex bank to rather review the rate downward to encourage businesses to borrow from banks and thus stimulate production which will in turn bring down prices of goods. (GBN)
