Nigeria’s MPC raises MPR by 50bps to 18.5% (Full Speech)

The Monetary Policy Committee of the Central Bank of Nigeria at its third meeting of the year, raised interest rates by 50 basis points to 18.5 per cent. Governor of the Central Bank of Nigeria, Godwin Emefiele, says the decision hinges on taming rising inflation caused by high energy cost and challenges around the supply chain, among others, which are beyond the reach of the Central Bank of Nigeria.