CBN Governor, Godwin Emefiele made the disclosure during a media briefing on Tuesday to mark the end of this month’s MPC meeting.
According to the CBN, the aim was to keep the inflation rate under control, citing the gains of the previously high rate as the reason for its new action.
Addressing journalists at the end of the two-day meeting in Abuja, Emefiele, said although inflation has remained on the increase, the tightening measure has continued to reduce the rate of price increase.
Emefiele said although inflation has remained on the increase, the tightening measure has continued to reduce the rate of the price increase.
The MPR has been on the rise since April 2022, when it was 11.50 per cent.
The rate impacts lending and inflation rates, and, when jacked up, consequently affects upward movement of prices of goods and services.
