The Central Bank of Nigeria Monetary Policy Committee 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 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 to tackle Nigeria’s persistent inflation.
As of April, Nigeria’s inflation rate had risen to 33.69 percent.
Some analysts have projected a rate hike while some suggested that the apex bank may consider a hold stance as the growth rate of inflation moderated month-on-month.
We bring you more details later…
