The Central Bank of Nigeria (CBN) has announced it has now increased interest rate to 13.5 per cent.
This is the first time in two and half years the CBN has made such a decision.
Addressing the reporters after the Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor, Godwin Emefiele, attributed the increase to global developments.
Increasing the interest rate, he said, is to tame inflation support growth.
According to Emefiele, the MPC is suspicious “there might be an aggressive accretion of inflation”, to check this, the MPC he said quickly moved to check the impending inflation by increasing Monetary Policy Rate( MPR) by 150 basis points.”
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