The Central Bank of Nigeria has announced the increase of the interest rate to 13.5 per cent.
The CBN Governor, Godwin Emefiele, made this disclosure on Tuesday while addressing the reporters after the Monetary Policy Committee meeting in Abuja.
He said the MPC is suspicious “there might be an aggressive accretion of inflation”.
Emefiele said to prevent the looming inflation the MPC had to increase the monetary policy rate by 150 basis points.
