CBN raises Monetary Policy Rate to 18.50%

The Central Bank of Nigeria (CBN) has increased the interest rate from 18% to 18.5%.

The CBN governor, Godwin Emefiele, announced the decision on Wednesday after the policy-setting committee meeting at the CBN headquarters in Abuja.

Mr Emefiele, said the committee voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR.

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