BREAKING: CBN raises interest rate to 26.25%

The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has raised the Monetary Policy Rate (MPR) by 150 basis points to 26.25 per cent from 24.75 per cent in March to further tackle rising inflation.

CBN Governor, Olayemi Cardoso, who disclosed this on Tuesday at the 295th MPC press briefing in Abuja, said the decision to raise the benchmark interest rate was to tame the country’s soaring headline inflation which increased to 33.69 per cent in April.

CBN had continued tightening of monetary instruments to bring down inflation.

The 295th MPC meeting is the third since the appointment of Cardoso in September last year.

In May 2023, Nigeria’s interest rate stood at 18.75 per cent.