The Central Bank of Nigeria, CBN raised the interest rate to 14 per cent from 13.5 per cent.
This is the second raise in interest this year.
The CBN Governor, Godwin Emefiele, announced this today while addressing the reporters after the Monetary Policy Committee (MPC) meeting in Lagos.
According to him, it was the right option considering economic realities.
“The committee resolved that the most rational policy option would be to further strengthen its tightening stance in order to effectively curtail the unabated rising trend of inflation,” Emefiele said.
