BREAKING: CBN raises interest rate from 18% to 18.50%

The Central Bank of Nigeria (CBN) has hiked interest rates from 18% to 18.50%.

The governor of the central bank, Godwin Emefiele, announced the decision on Wednesday during a policy-setting committee meeting at the CBN headquarters in Abuja.

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This is the third time in a row that the apex bank has raised the monetary policy rate (MPR), which gauges interest rates.

Details Later…