The Monetary Policy Committee of the Central Bank of Nigeria has raised the benchmark interest rate from 15.5 to 16.5 per cent in order to tame the rising inflation rate.
Explaining further, Emefiele said, “Our research study at Central Bank has shown us that once inflation trends above 13 per cent, it will retard growth. We have seen inflation in the last seven months move so aggressively in Nigeria.
“It is difficult for us, for this MPC with all the data available, with all the research that have been conducted; it is difficult for us not to go in a very aggressive way we decided to go today.”
