APA – Lagos (Nigeria)
The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate by 400 basis points to 22.75%.
The Governor of the CBN, Yemi Cardoso, told journalists after the two-day Monetary Policy Committee meeting on Tuesday in Abuja that the committee also raised the CRR to 45%.
According to Cardoso, these decisions would assist in checking inflation, money supply as well as strengthen the value of the Naira.
GIK/APA
Nigeria raises interest rate to 22.75%
