The benchmark interest rate has been increased by Monetary Policy Committee of the Central Bank to 26.25 per cent.
The Governor of the CBN who who is also the Chairman of the MPC made this known at the end of the 295th MPC meeting held in Abuja.
At the March MPC meeting, the benchmark rate had been increased by 200 basis points from 22.75 per cent to 24.75 per cent.
This comes after the MPC has maintained an aggressive stance since it resumed meetings this year in a bid to tackle Nigeria’s persistent inflation.
So far, Nigeria’s inflation rate had risen to 33.69 per cent as of April.
while some people suggested that the apex bank may consider a hold stance as the growth rate of inflation moderated month-on-month, other analysts projected a rate hike.
Details later…
