The Monetary Policy Committee of the Central Bank of Nigeria raised the benchmark interest rate to 26.25 percent.
This was reported by the Governor of the Central Bank of Nigeria, who also serves as Chairman of the MPC, at the conclusion of the 295th MPC meeting in Abuja.
At the March MPC meeting, the benchmark rate was raised by 200 basis points from 22.75 percent to 24.75 percent.
The MPC has maintained a hawkish approach since resuming meetings this year in an effort to address Nigeria’s chronic inflation.
As of April, Nigeria’s inflation rate was 33.69 percent. Several analysts have anticipated a rate rise, while others stated that the central bank may contemplate a stay position as the growth rate of inflation moderated month-on-month.
Details later…
