JUST IN: CBN raises benchmark interest rate to 13% — first time in over two years

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The policy-setting 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.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said six out of eleven committee members voted to raise the key rate.

Emefiele 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.