BREAKING: CBN Raises Interest Rate to 18%

The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate by 50 basis points to 18 percent.

CBN Governor, Godwin Emefiele made the disclosure during a media briefing on Tuesday to mark the end of this month’s MPC meeting.

According to the CBN, the aim was to keep the inflation rate under control, citing the gains of the previously high rate as the reason for its new action.

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Addressing journalists at the end of the two-day meeting in Abuja, Emefiele, said although inflation has remained on the increase, the tightening measure has continued to reduce the rate of price increase.

More details later…