The Central Bank of Nigeria (CBN) has announced an increase in interest rates to 13.5%.
The CBN has made such a decision for the first time in two and a half years.
CBN Governor, Godwin Emefiele, told reporters after the Monetary Policy Committee (MPC) meeting in Abuja that the increase was due to global developments.
He claims that raising interest rates will help to control inflation and boost 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.”
Details Shortly…