Interest Rate Increases To 18% -CBN

There has been an increment in the benchmark interest rate by 50 basis points to 18. Percent by the Monetary Policy Committee of the Central Bank of Nigeria.

While reading the communiqué of the second MPC meeting of the year today, The CBN Governor, Godwin Emefiele, disclosed this. The committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR.

Analysts in the country had predicted the Central Bank of Nigeria and the MPC may not raise the lending rates at the end of the Monetary Policy Committee.

However, the governor stated the slight increase is to mitigate the effect of inflation and other economic issues