The Central Bank of Nigeria has unanimously voted to hike its monetary policy rates or interest rates by 50 basis points.

The CBN opined reducing MPR was not even considered and that a hold will be counterfactual to evidence on the ground.

They also cited evidence that raising rates was reducing inflation which may have risen to as high as 32% as against 22.22%, if rates were not aggressively raised in April

More to follow…