The Monetary Policy Committee of the Central Bank of Nigeria has raised interest rates by 150 basis points, increasing them from 24.75 percent in March to 26.25 percent to tackle inflation.
CBN Governor, Olayemi Cardoso, announced the decision during the 295th MPC press briefing in Abuja on Tuesday.
Cardoso explained that the rate hike aims to address the country’s escalating headline inflation, which surged to 33.69 percent in April.
This move is part of the CBN’s ongoing efforts to use monetary policy instruments to curb inflationary pressures.
This 295th MPC meeting marks the third such session since Cardoso’s appointment in September last year. Notably, Nigeria’s interest rate was at 18.75 percent in May 2023.
Tags: CBN
