The Central Bank of Nigeria (CBN) has voted to raise the Monetary Policy Rate (MPR) which measures interest rate, to 13 percent.
The Governor of the CBN, Mr. Godwin Emefiele, disclosed this at the end of a Monetary Policy Committee meeting in Abuja, on Tuesday.
Emefiele said six out of eleven committee members voted to raise the key rate.
The apex bank Governor added that the committee also voted to retain the asymmetric corridor at +100 and -700 basis points around the MPR and liquidity ratio at 30 percent.
The Monetary Policy Rate (MPR) is the baseline interest rate in an economy upon which every other interest rate is built.