The Central Bank of Nigeria has increased the country’s interest rate for the first time in two years. 

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted unanimously to raise the Monetary Policy Rate (MPR) to 13%.

CBN Governor, Godwin Emefiele made the announcement at the end committee’s meeting at the apex bank’s headquarters in Abuja.

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Emefiele justified the increment by saying the MPC suspects “there might be an aggressive accretion of inflation”. 

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He added that in order to prevent the looming inflation, the MPC had to increase the monetary policy rate by 150 basis points.