CBN Governor, Godwin Emefiele

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.

The rate which had been at 11.5% since September 2020, in a bid to spur recovery from the recession recorded due to the covid-19 has now been raised by the apex bank after inflation rate rose above 16%.

The move is targeted at curbing the rising rate of inflation in the country, while still cautiously ensuring economic growth.