The Monetary Policy Committee of the Central Bank of Nigeria has raised the benchmark interest rate from fourteen to fifteen point five percent in order to tame the rising inflation rate.
This represents a 150-basis-point increase from the fourteen per cent rate voted during the last MPC meeting in July.
At the end of the MPC meeting today, CBN Governor, Godwin Emefiele, told journalists that ten members voted in favour of the rate hike.
Emefiele further stated the research study at Central Bank has shown that once inflation trends above 13 percent, it will retard growth, noting that the country has seen inflation in the last four months increase aggressively.
Recall that Inflation exceeded the 20 percent mark in August, fuelling speculations that the CBN would further raise the rate.
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