The Central Bank of Nigeria (CBN) on Tuesday raised the Monetary Policy Rate (MPR), which measures interest rate, to 13 per cent. Governor, of the CBN Mr Godwin Emefiele made the disclosure at the end of MPC meeting in Abuja. The CBN policy-setting committee voted to raise the rate, the first time in over two years. 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 after the committee’s meeting at the CBN headquarters in Abuja, Emefiele said six out of 11 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.