The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised interest rate to 13 percent.
Godwin Emefiele, governor of the Central Bank who announced the development while addressing the press after MPC meeting on Tuesday, cited inflation as the major reason for the decision.
The rate was at 11.5% where it had been put since September 2020, in an attempt to facilitate economic growth away from the recession witnessed in 2020 due to the covid-19 pandemic, but has now been raised by the apex bank after inflation rate spiked above 16%.
More later..