BREAKING: CBN hikes interest rate to 26.25% amid escalating inflation

BREAKING: CBN hikes interest rate to 26.25% amid escalating inflation

CBN Governor, Olayemi Cardoso, announced this on Tuesday during the 295th MPC press briefing in Abuja.

The Monetary Policy Committee of the Central Bank of Nigeria has increased interest rates by 150 basis points to 26.25 percent from 24.75 percent in March to combat escalating inflation.

CBN Governor, Olayemi Cardoso, announced this on Tuesday during the 295th MPC press briefing in Abuja.

The head of the apex bank stated that the hike in the interest rate was aimed at curbing the nation's surging headline inflation, which rose to 33.69 percent in April.

The CBN has persistently tightened monetary tools to suppress inflation.

This 295th MPC meeting marks the third under Cardoso's leadership since his appointment in September of the previous year.

As of May 2023, the interest rate in Nigeria was 18.75 percent.

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