The Central Bank of Nigeria(CBN) has raised the interest rate to 13 per cent for the first time in two years.
The interest rate was raised from 11.5 per cent to 13.5 per cent.
The CBN Governor, Godwin Emefiele, announced this on Tuesday while addressing newsmen shortly after the Monetary Policy Committee(MPC) meeting in Abuja.
He said the MPC was suspicious there might be an aggressive accretion of inflation and that it had to increase the monetary policy rate by 150 basis points, in order to prevent the looming inflation.
