The Central Bank of Nigeria (CBN) has increased interest rate to 13.5 per cent for the first time in two and half years.
CBN Governor, Godwin Emefiele, announced the hike while addressing the reporters after the Monetary Policy Committee (MPC) meeting Tuesday in Abuja, attributing the decision to global developments.
Emefiele justified further that the increase was meant to check inflation and aid growth.
MPC, the CBN boss stressed, is suspicious, stating: “there might be an aggressive accretion of inflation”, to check this.
Emefiele clarified that the move was to quickly check the impending inflation by “increasing Monetary Policy Rate( MPR) by 150 basis points.”
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