CBN raises Interest Rate for first time in over Two Years to 13 per cent.
Written by News Room on May 25, 2022
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted unanimously to raise the Monetary Policy Rate (MPR) to 13 per cent.
CBN Governor, Godwin Emefiele, announced this on Tuesday while briefing reporters at the end committee’s meeting at the apex bank’s headquarters in Abuja.
It is the first time in two and a half years that the policy-setting committee of the nation’s financial regulator would increase the MPR, which measures the interest rate.
The committee, the CBN governor stated, also voted to retain all other parameters. He advised the various banks in the country and the Federal Government to redouble efforts in supporting monetary authority.