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Agitation has risen following the new development by the Members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria, CBN, which voted an increase in the interest rate from 16.5 to 17.5
The committee noted that the increase was aimed at fighting inflation aggressively in the country.
The committee added that the increase of interest rate would be an option to boost the economic growth.
The committee also noted that the analysts of the Monetary Policy expects CBN to increase interest rate, saying, it is unlawful to share stamp duty, bank levy nationally.
The MPC retained the Cash Reserve Ratio at 32.5 percent, and the Liquidity Ratio at 30 per cent.
The CBN Governor, Godwin Emefiele, in his post MPC briefing noted that the marginal drop in inflation figures was not enough to celebrate.
He noted that the members were unanimous in their decision to heighten the interest rate.
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