The Monetary Policy Committee of the Central Bank of Nigeria has raised the benchmark interest rate from 14 to 15.5 per cent in order to tame the rising inflation rate.
This represents a 150-basis-point increase from the 14 per cent rate voted during the last MPC meeting in July.
At the end of the MPC meeting on today,CBN Governor, Godwin Emefiele, told journalists that 10 members voted in favour of the rate hike.
Inflation exceeded the 20 per cent mark in August, fuelling speculations that the CBN would further raise the rate.
Explaining what this means, MUDA YUSUF Chief Executive officer Centre for the Promotion of Private enterprise had this to say;