Updated: CBN hikes rate to 13%

Vanguard 

The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR)  from 11.5 per cent to 13 per cent, citing aggressive inflationary trends in the country and across the globe.

The governor of the CBN , Mr. Godwin Emefiele,  disclosed this at the end of the Monetary Policy Committee meeting in Abuja, this afternoon. 

According to him, all other parameters were retained with +100/-700 basis points around the asymmetric corridor; Cash Reserve Ratio at 27 per cent and Liquidity Ratio at 30 per cent.

He said that global supply disruptions occasioned by Russia’s invasion of Ukraine and the resurgence of the COVID-19 in China, the hub of global manufacturing, had resulted in unprecedented food and energy prices which have triggered high levels of inflation globally.

Mr Emefiele said that the CBN faced the dilemma of bringing down inflation rate and at the same time implementing policies that would push growth…