The Central Bank of Nigeria (CBN) has increased interest rate to 13.5 per cent.
The new rate, was the first adjustment in the last two and half years, where it had been at 11 per cent.
Addressing the reporters after the Monetary Policy Committee (MPC) meeting in Abuja, the CBN Governor, Godwin Emefiele, attributed the increase to global developments.
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.”
More details later…