Inflation: CBN raises monetary policy rate to 13 per cent

To curb the rising inflation rate in the country, the Central Bank of Nigeria (CBN) on Tuesday raised the Monetary Policy  Rate to 13 per cent.

This is coming after the Monetary Policy Committee (MPC) of the Apex bank voted unanimously to raise the benchmark interest rate to 13 per cent after two years of expansionary monetary policy.

Persecondnews reports that the rate had been at 11.5 per cent since September 2020.

Addressing journalists after the committee’s meeting at the CBN headquarters in Abuja, CBN Governor Godwin Emefiele said six out of 11 committee members voted to raise the key rate.

He said the committee also voted to retain the asymmetric corridor at +100 and -700 basis points around the MPR and liquidity ratio at 30 per cent.

…More details soon