JUST IN: CBN RAISES INTEREST RATE TO 18.75%

The Central Bank of Nigeria on Tuesday raised its benchmark lending rate to 18.75 per cent from 18.5 per cent.

The apex bank made this known after the two-day Monetary Policy Committee (MPC) meeting.

The acting CBN governor, Folashodun Shonubi, who chaired the meeting, noted that “hiking the interest rate has made a lot of difference in moderating the rate of inflation”.

This is the first MPC meeting being chaired by Mr Shonubi since he assumed office as the apex bank’s acting governor after the suspension of Godwin Emefiele from office