The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark interest rate to 26.25 per cent.
This disclosure was made by the CBN Governor who doubles as the Chairman of the MPC at the end of the 295th MPC meeting held in Abuja on Tuesday.
At the March meeting of the Monetary Policy Committee, the benchmark rate was raised by 200 basis points from 22.75 % to 24.75 %.
Since the resumption of its meetings this year, the MPC has maintained a hawkish stance to combat Nigeria’s persistently high inflation rate.
Several analysts have expected a rise in interest rates, while others suggest that the central bank might be inclined to take a hold position as inflationary growth has slowed down month on month.
More to come…
