CBN Raises Interest Rate to 18.5%

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Wednesday resolved to raise the Monetary Policy Rate (MPR), otherwise known as interest rate, by 50 basis points to 18.5 per cent from 18 per cent.

Addressing journalists at the end of the two-day meeting of the Monetary Policy Committee (MPC) in Abuja, CBN Governor, Mr. Godwin Emefiele, said the moderate hike in MPR was taken to further rein in inflation.

Details later…