The Central Bank of Nigeria (CBN) has increased the monetary interest rate by 400 basis points, taking the interest rate benchmark to 22.75 per cent from 18.75 per cent, a major tightening measure to tame high inflation currently at 29.9 per cent.
Monetary Policy Committee (MPC) of the central bank, which took the decision at its meeting on Tuesday, also raised the Asymmetric Corridor to +100 -700.
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