CBN increases interest rate to 18%

The Central Bank of Nigeria on Tuesday raised its benchmark lending rate to 18 percent in an aggressive push to contain the nation’s inflationary pressure.

The CBN governor, Godwin Emefiele, announced this Tuesday after the apex bank’s Monetary Policy Committee (MPC) meeting that began Monday.

Addressing journalists at the end of 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.

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