 CBN increase interest rates: Central bank MPR explainer  Central Bank of Nigeria CBN, Monetary Policy Committee don approve new Monetary Policy Rate MPR of 13 per cent. CBN governor, Godwin Emefiele, say na six out of eleven of di committee members vote to raise di rate. Monetary Policy Rate na rate wey Central Banks for different kontris dey use control di availability of assets wey pipo fit convert to cash. If Monetary Policy Rate MPR rise, all di oda rates go go up, and if e drop, all di rates go drop. Nigeria bin peg interest rate for 11.5 per cent for over two years. But now, wit di new MPR review, e don jerk up to 13 per cent to manage di rising inflation. By dis increase, CBN don give Deposit Money Banks go ahead to increase lending rates to possibly dey higher dan deposit rates. Banks dey also use am to determine fixed deposit rates and normal savings rates on accounts. Although, dis new monetary rates fit affect businesses for manufacturers and exporters wey wan collect loans, di positive side be say e go fit help slow down inflation. Interest rate na one of di key tools deployed by central banks across di world to manage di flow of money and productivity for kontris. A change in interest rate fit affect macroeconomics and other key economic indicators like consumer spending and borrowing. For Nigeria, di tool allow di CBN to effect changes in broad monetary policies wey dey designed to facilitate di goment budget policy. By hiking the interest rate to 13, e dey expected say borrowing go become more difficult. And consumers fit get less money to spend. By implication, e mean say even inside lower demand among consumers, manufacturers of goods go dey concerned about raising prices. In effect, all of these go sha combine to reduce inflation pressure. But di hike go still also fail to stop inflation if other macroeconomic indicators go wrong. When di CBN interest rates bin dey for 11.5 per cent, banks typically charge manufacturers and oda lenders between 12 to 30 per cent on loans. With di hike in rate 13, di charges fit high like wen water don pass garri. Earlier in the year, di Manufacturers Association of Nigeria bin tok say average rate dia members dey borrow money from banks bin dey between 20.75 per cent. E bin stand at 21.25 per cent in 2020 and 2019. In terms of job creation, a hike in interest rate fit get effectif marginalon di number of jobs wey dem create or lost. Unemployment Rate in Nigeria don averaged for13.55 percent from 2006 until 2020. Dat time  e climbing to an all-time high of 33.30 percent inside di fourth quarter of 2020. Even if di impact fit no dey significant in di immediate, di hike in interest rate and possible fall in productivity fit throw a number of pipo out of jobs. Normally, low interest rates fit cause di stock market to go up. Just as di market dey record depreciation wen di apex bank raise interest rates. By implication, change in central banks interest rates dey affect prices of various assets such as bonds, stocks and houses. 