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CBN Monetary Policy Committee raises interest rate to 13%

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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