Breaking: CBN Raises Interest Rate to 13%
The Central Bank of Nigeria (CBN) Tuesday resolved to raise the Monetary Policy Rate (MPR), otherwise known as the interest rate by 150 basis points to 13 per cent from 11.5 per cent.
This is the first time the apex bank has raised MPR in two and a half years.
CBN Governor, Mr. Godwin Emefiele, at the end of the two-day meeting of the Monetary Policy Committee (MPC), said the move was in response to the global inflationary pressures.
Details later….
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