CBN Raises Interest Rate For First Time In Over Two Years To 13%

 

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted unanimously to raise the Monetary Policy Rate (MPR) to 13 per cent.

CBN Governor, Godwin Emefiele, announced this on Tuesday while briefing reporters at the end committee’s meeting at the apex bank’s headquarters in Abuja.

It is the first time in two and a half years that the policy-setting committee of the nation’s financial regulator would increase the MPR, which measures the interest rate.

The MPR is the baseline interest rate in an economy while every other interest rate used within such an economy is built on it.

“The sharp rise in inflation across both the advanced and emerging market economies has generated growing concerns among central banks as the progressive rise in inflation driven by rising aggregate demands and wage growth has put sustainable pressure on price levels,” said Emefiele.

 

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