The benchmark interest rate has been raised to 26.25 percent by Godwin Emeifele, Governor of the Central Bank of Nigeria (CBN).
This was announced by Emefiele, who also serves as the Monetary Policy Committee (MPC) Chairman, at the conclusion of the 295th MPC meeting, which was place in Abuja.
BREAKING:CBN Increases Interest Rates To 18%
The benchmark rate was raised by 200 basis points, from 22.75 percent to 24.75 percent, at the MPC meeting in March.
Since convening again this year, the MPC has remained aggressive in its efforts to address Nigeria’s chronic inflation.
In the meantime, Nigeria’s inflation rate increased to 33.69% in April. While some analysts predicted a rate increase, others said the central bank would take a hold position as the rate of inflation growth slowed down month over month.
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