The stock market’s performance index closed 0.08 per cent weaker on Tuesday as investors reacted negatively to the Central Bank of Nigeria’s, CBN, hike in the Monetary Policy Rate, MPR.
The CBN’s Monetary Policy Committee, MPC, earlier announced another increase in the country’s MPR by 50 basis points to 26.75 per cent, from 26.25 per cent.
Dr Yemi Cardoso, the CBN Governor, made this known while presenting the communiqué from the 296th meeting of the MPC.
Mr Cardoso said the decision was in response to continued inflationary pressures.
He noted that it was important to deal with inflation, as the apex bank was concerned about the impact of inflation on ordinary Nigerians and businesses.
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