JUST IN: CBN raises interest rate for first time in over two years to 13%

Following a unanimous vote, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has decided to increase the Monetary Policy Rate (MPR) to 13%.

Godwin Emefiele, Governor of the Central Bank of Nigeria, made the announcement on Tuesday while briefing reporters during a meeting of the end committee at the apex bank’s headquarters in Abuja.

The policy-setting committee of the nation’s financial regulator has decided to raise the MPR, which is used to measure interest rates, for the first time in two and a half years. This will be the first time they have done so.

More to follow…