Central Bank of Nigeria, on Tuesday, raised the monetary policy rate (MPR), which measures interest rate, to 13 per for the first time in five years.
The decision is to check rising inflation.
Announcing the decision to journalists at the end of the committee’s meeting at the CBN headquarters in Abuja, Governor of the apex bank, Godwin Emefiele, said six out of eleven committee members voted to raise the interest rate.
He added that the committee voted to retain the asymmetric corridor at +100 and -700 basis points around the MPR and liquidity ratio at 30 per cent.