The Central Bank of Nigeria (CBN) on Tuesday increased the benchmark interest rate by 25 basis points to 18.75 per cent from 18.5 per cent.
This is contained in a communique after the fourth Monetary Policy Meeting held in Abuja.
Mr Folashodun Shonubi, the Acting CBN Governor, who made this known while addressing journalists at the end of the meeting, said the Committee adjusted the corridor at +100 and -300 basis point around the MPR.
“In summary the MPR voted to raise the policy rate by 25 basis points from 18.5 to 18.75 per cent,” he announced.
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