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The Monetary Policy Committee (MPC) of the Central Bank has increased the Monetary Policy Rate (MPR) from 16.5 percent to 17.5 percent.
The MPR is the nominal anchor rate for commercial banks to lend to their customers.
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The decision was announced by Godwin Emefiele, the Governor of CBN, at a press briefing at the end of the two-day meeting of the committee in Abuja on Tuesday.
It was the first meeting of the committee in 2023.
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