Inflation Control: CBN raises interest rate to 16.5% The Central Bank of Nigeria (CBN) on Tuesday raised its benchmark lending rate to 16.5 per cent in a sustained push to control inflation and ease pressure on the naira. Governor of the Central Bank of Nigeria, Godwin Emefiele, made this known at the end of the Monetary Policy Committee meeting in Abuja. The CBN said previous increases were beginning to yield results and there was a need to keep tightening. It tightened by 100 basis points. Mr Emefiele announced that the committee also retained...