The Central Bank of Nigeria has further raised its Monetary Policy Rate(MPR) by 50 basis points to 27.25 percent from 26.75 percent “to moderate inflation” at 32.15%.
“There is no economic model that portends to take people out of poverty when inflation is accelerating at the level we have seen. There is none. And for that reason, we do not intend to relent in ensuring that we bring it under control,” he said.
This was revealed by the CBN Governor, Olayemi Cardoso after the apex bank’s 297th Monetary Policy Committee meeting held on the 23rd and 24th of September in Abuja to review recent economic and financial developments and assess its outlook for the year.
“The committee was unanimous in its decision to further tighten policy and thus decided as follows, one: raise the MPR to 27.25 percent,” Cardoso said.
