Central Bank of Nigeria Raises Interest Rate to 18% 

The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 50 basis points to 18. per cent. <br />The CBN Governor, Godwin Emefiele, says the committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR. <br />The governor stated the slight increase is to mitigate the effect of inflation and other economic issues. <br />He says the MPC committee voted to raise the MPR by 50 basis points to 18 per cent, and retain the asymmetric corridor at +100 and -500 basis points around the MPR.