The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the benchmark interest rate to 26.25%.
This announcement was made by the CBN Governor, who also serves as the Chairman of the MPC, following the conclusion of the 295th MPC meeting held in Abuja.
At the March MPC meeting, the benchmark rate had been increased by 200 basis points, moving from 22.75% to 24.75%.
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Since resuming meetings this year, the MPC has maintained a hawkish stance to address Nigeria’s persistent inflation.
As of April, Nigeria’s inflation rate had climbed to 33.69%.
Analysts had projected a rate hike, while some suggested that the apex bank might hold the rate steady due to a moderated month-on-month growth rate of inflation.
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