The Central Bank of Nigeria CBN on Tuesday hiked its main lending rate by 150 basis points to 15.50%, its highest level yet. 

Reports indicate that the hike is part of efforts to rein in inflation and ease pressure on the currency.

The country’s inflation currently stands at its highest in 17 years after rising for a seventh straight month in August to 20.52% from 19.64% in July.

The Central Bank Governor, Godwin Emefiele said the Monetary Policy Committee had to continue with an aggressive stance to counter the rising prices.

Here’s Emeifele during a news conference on Tuesday.