The Monetary Policy Committee of the Central Bank of Nigeria has voted unanimously to raise the Monetary Policy Rate to 13 per cent.
CBN Governor, Godwin Emefiele, says the sharp rise in inflation across both the advanced and emerging market economies has generated growing concerns among central banks as the progressive rise in inflation driven by rising aggregate demands and wage growth has put sustainable pressure on price levels.
He says consequently, the major central banks such as the U.S. Fed, the Bank of England, European Central Bank, and Bank of Canada have provided strong guidance of a progressive shift away from monetary policy accommodation to drive market interest rate which may ultimately impact capital flows away from emerging market economies.