BREAKING: CBN Announces Increase Of Interest Rate To 13.5%

Amid economic crises in the country, the Central Bank of Nigeria (CBN) has on Tuesday increased interest rate to 13.5 per cent.

This increment is for the first time in two and half years.

Addressing the reporters after the Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor, Godwin Emefiele, attributed the increase to global developments.

Explaining the reason for the addition, 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.”

Details later…