•MPR now 14%
•Says monetary tightening may continue if consumer price index rises further
•To disburse N20bn as rebates to exporters for RT200
Nume Ekeghe in Lagos and James Emejo in Abuja
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) yesterday raised the benchmark Monetary Policy Rate (MPR) by 100 basis points from 13 per cent to 14 per cent, citing rising inflationary pressure across the world.
The development which was part of the resolutions reached at the end of the 286th meeting of the MPC which took place in Lagos, came exactly two months after the committee had at its last meeting held in May had raised the MPR by 150 basis points from the 11.5 per cent it was previously.
CBN Governor and Chairman of the MPC, Mr. Godwin Emefiele, during a media briefing at the end of the two-day meeting warned that the MPC would continue to raise benchmark interest rates as long as inflationary pressure…
Source: Thisday Newspaper
