CBN hikes interest rate to 27.50% amidst rising inflation Story by Victor Itodo ABUH The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate by 25 basis points, moving it from 27.25% to 27.50%. All 12 members of the committee were present and voted unanimously for the hike. The committee also decided to retain the asymmetric corridor around the Monetary Policy Rate (MPR) at +500 and –100 basis points. Addressing the press, CBN Governor Olayemi Cardoso highlighted that the decision was influenced by renewed inflationary pressures,...