CBN Raises Interest Rate To 26.25 % Amid Soaring Inflation Levels

The Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points to 26. 25 per cent.

Following a two-day meeting, the bank’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate(MPR) for the third straight time to rein in the country’s soaring inflation levels pegged at 33.69% in April 2024

CBN had continued tightening of monetary instruments to bring down inflation.

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The 295th MPC meeting is the third since the appointment of Cardoso in September last year.

In May 2023, Nigeria’s interest rate stood at 18.75 per cent