BREAKING: CBN votes to raise interest rates to 18.5%

The Monetary Policy Committee of the Central Bank of Nigeria voted unanimously on Wednesday to raise its monetary policy interest rates to 18.5 percent.

The apex bank’s MPC cited evidence that raising rates was moderating inflation, which could have shot up to 32% as against 22.22% in April if not raised aggressively.

PUNCH reported in March that the bank’s MPC voted to raise the benchmark interest rate by 50 basis points to 18 percent.

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