CBN raises interest rate to 22.75%

From Adanna Nnamani, Abuja

In an effort to control the country’s fast rising inflation, which is currently at 29.9 per cent, the Central Bank of Nigeria (CBN) has raised the monetary interest rate by 400 basis points, bringing the benchmark interest rate to 22.75 per cent from 18.75 per cent.

CBN Governor Mr Olayemi Cardoso made this known during the Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday.

Cardoso also disclosed that the committee had decided to increase the Asymmetric Corridor to +100 -700.