The Monetary Policy Committee of the Central Bank of Nigeria, on Wednesday, unanimously voted to increase its monetary policy interest rates to 18.5 per cent
The MPC of the apex bank cited evidence that raising rates was reducing inflation which may have risen to as high as 32% as against 22.22 per cent if rates were not been aggressively raised in April.
The PUNCH reports in March that the MPC of the bank voted to increase the benchmark interest rate by 50 basis points to 18 per cent.
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