For the first time in about two years, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to raise the Monetary Policy Rate (MPR) to 13 percent.
The MPR is used to measure interest rate. It is the baseline interest rate in an economy and every other interest rate used in that economy is built on it.
The rate has been held at 11.5 per cent.
The decision to raise it was reached on Tuesday at the end of MPC meeting in Abuja.
CBN Governor, Godwin Emefiele, who addressed journalists, said six out of 11 committee members voted to raise the key rate.
He 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.
