Central Bank of Nigeria (CBN) policy-setting committee has voted to raise the Monetary Policy Rate (MPR), which measures interest rate, to 13 per cent.
Gatekeepers News reports that the CBN Governor, Godwin Emefiele disclosed this while reading the communique of the third monetary policy committee meeting of the year, on Tuesday.
The MPR is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.
Emefiele said six out of eleven committee members voted to raise the key rate.
This is a developing story.
