Economy

CBN raises interest rate to 13%

The Central Bank of Nigeria on Tuesday announced that it has raised the interest rate to 13 per cent.

CBN Governor, Godwin Emefiele, made this known while addressing the reporters after the Monetary Policy Committee meeting in Abuja.

Justifying the move, Emefiele said the MPC is suspicious “there might be an aggressive accretion of inflation”.

To prevent the looming inflation, he said, the MPC had to increase the monetary policy rate by 150 basis points.

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