The Monetary Policy Committee of the Central Bank of Nigeria (CBN) 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, after the 295th MPC meeting in Abuja.
At the March 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 to address Nigeria’s chronic inflation.
As of April, Nigeria’s inflation rate was 33.69 percent. Several economists predict a rate hike, but others think that the CBN may contemplate a hold posture as inflation growth slows month after month.
Details later…
