In a clear demonstration of its race against time in stemming galloping inflation, the Central bank of Nigeria, today, has hiked its interest rate to 18 percent. The apex bank governor, Godwin Emefiele disclosed this after the Monetary Policy Committee (MPC) meeting of the bank voted to increase the benchmark interest rate by 50 basis points.
It was the second MPC of the year. Addressing the media after the two-day meeting in Abuja, Mr Emefiele, said the committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR.
Many analysts had foreseen this hike. Nigeria’s inflation recently hit double digits, in data released by the Nigerian Bureau of Statistics. Spending spree by politicians in the recently concluded elections is expected to push the inflationary trend even further.
Details later….
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