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.
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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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