CBN’s raises monetary policy rate to 13%, first time since 2016


The monetary policy committee of the Central Bank of Nigeria (CBN) has voted to raise the monetary policy rate (MPR), which measures interest rate, to 13 per cent to tame rising inflation.

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

Emefiele explained that six out of eleven committee members voted to raise the key rate.

The apex bank Governor also added that the global outlook remains clouded with uncertainties over the Russia-Ukraine war as well as the COVID-19 pandemic.

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