BREAKING: CBN INCREASES INTEREST RATE TO 26.25%
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The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate to 26.25 percent.
This was disclosed by the Governor of the CBN, who doubles as the Chairman of the MPC, at the end of the 295th MPC meeting held in Abuja.
At the March MPC meeting, the benchmark rate had been increased by 200 basis points from 22.75 percent to 24.75 percent.
The MPC has maintained a hawkish stance since it resumed meetings this year in a bid to tackle Nigeria’s persistent inflation.
As of April, Nigeria’s inflation rate had risen to 33.69 percent.
A number of analysts have projected a rate hike, while some suggest that the apex bank may consider a hold stance as the growth rate of inflation moderates month-on-month.
Details later…
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