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The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 50 basis points to 18. per cent. The CBN Governor, Godwin Emefiele, says the committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR. The governor stated the slight increase is to mitigate the effect of inflation and other economic issues. He says the MPC committee voted to raise the MPR by 50 basis points to 18 per cent, and retain the asymmetric corridor at +100 and -500 basis points around the MPR.