CBN increases MPR from 24.75% to 26.25% to conquer inflation

The MPR is the rate at which commercial banks borrow from the economy and often determines the cost of funds. In an ongoing effort to lower inflation, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided on Tuesday to increase both the benchmark interest rate and the MPR by 150 basis points, from 24.75 percent to 26.25 percent The MPR is the rate at which commercial banks borrow from the economy...

Inflation and its impact on everyday life

Rising inflation rates may disproportionately affect the poor due to their limited access to financial services resulting in lower income and higher relative prices of essential goods, thereby increasing poverty overall.  It is the dream of every country, developed or underdeveloped, to see equitable advancement in the living standards of its people. This advancement encompasses every element of human pursuits and is the centre of development in the economic sector.  Also,  it is impossible to...

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