(MENAFN) Last Tuesday, Nigeria raised the Monetary Policy Rate by 200 basis points, from 12% to 14% to battle inflation and motivate growth, as an official stated.
According to what is said by eight of the 12-members who attended the meeting, Nigeria's Apex Bank Chief, Godwin Emefiele, announced the decision after two-day's meeting in Abuja.
The Governor of Central Bank of Nigeria (CBN) stated that five members out of the eight voted in favor of the monetary contraction, while the others voted to keep the rate at 12%.
Emefiele declared that the committee faced two strategy choices, whether to hold or reduce the rate in order to curb the inflation.
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