The Central Bank of Nigeria, Tuesday, rose the Monetary Policy Rate from 13 per cent to 14 per cent.
The impact of this decision that was reached by the policy-setting committee of the apex bank is an increase in interest rate.
The decision was made as members of the committee rose from its 286th meeting held in Abuja.
Speaking at the press briefing, the Governor of the CBN, Godwin Emefiele said the decision was reached due to concerns of the members of the committee to curb the rising inflation which has soared to 18 per cent.
The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.