The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), has raised interest rate to 13 percent amid rising inflation.
Godwin Emefiele, Central Bank governor who announced the decision after MPC meeting on Tuesday, said the raise was necessitated by inflation.
The rate had previously been put at 11.5% 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%.
The MPC also approved new cheque standard for banks, the Banks complex documentation, which makes it harder to access foreign exchange for Nigerians
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