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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised benchmark interest rate by 400 basis point from 18 5 percent to 22.5 percent.
CBN governor Yemi Cardoso disclosed the decision of the meeting, the first since his announcement as the apex bank governor.
He said the move was in a bit to tame the stubborn inflation that had not responded much to the previous marginal increase.
