The Central Bank Of Nigeria in MPC meeting held on Tuesday came to a consensual agreement to the increase of interest rate to 18.75% and to retain its cash reserves ratio at 32.5%
This was earlier spoken against by experts at the start of the week to why an hike in interest rate will be detrimental and to avoid recession.
Dr Basil Chukwu, a senior lecturer at the Department of Economics & Development Studies, Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State, that an increase will be hard on Nigerians due to the the prevailing circumstances of things in the country at the moment.
AAmagazine recalls that in May, the MPC had increased the nation’s interest rate from 18 per cent to 18.5 per cent. A similar increment had been consistent in the last six months in a bid to reduce rising inflation.
More details soon…
