CBN has raised MPR to 14% as one dollar now exchanges for N630 at the black market.
The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate (monetary policy rate) to 14% from 13%, being the second hawkish move by the apex bank in 2022 following the rising rate of inflation.
This was disclosed by the Governor of the CBN, Godwin Emefiele, while reading the communique of the first monetary policy committee meeting of the year, on Tuesday 19th July 2022.
CityNews Nigeria had reported earlier that one dollar now exchanges for N630 at the black market
More details shortly…
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