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Central Bank Of Nigeria Raises Interest Rates To 26.25% Amidst Surging Inflation
The Central Bank of Nigeria’s Monetary Policy Committee has increased interest rates by 150 basis points, raising them from 24.75 percent in March to 26.25 percent.
This move aims to address the country’s rising inflation.
CBN Governor Olayemi Cardoso announced the rate hike on Tuesday during the 295th MPC press briefing in Abuja. He stated that the decision was made to curb the surging headline inflation, which reached 33.69 percent in April.
The Central Bank has been consistently tightening monetary policies to combat inflation.
This 295th MPC meeting marks the third since Cardoso’s appointment in September of the previous year.
In comparison, Nigeria’s interest rate was at 18.75 percent in May 2023.
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