CBN increases interest to 13%

The Central Bank of Nigeria has raised the country’s interest rate. The first of its kind in the last two years.

 

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) voted in unison to increase the Monetary Policy Rate (MPR) to 13% from the initial 11.5%.

 

CBN Governor, Godwin Emefiele disclosed this after the committee’s meeting at its headquarters in Abuja.

 

He said “there might be an aggressive accretion of inflation”. He added that the increase is to prevent the looming inflation.