In an effort to combat growing inflation, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) boosted interest rates by 150 basis points, to 26.25 percent from 24.75 percent in March.
This was revealed on Tuesday at the 295th MPC news briefing in Abuja by CBN Governor Olayemi Cardoso.
The prime minister stated that the country’s skyrocketing headline inflation—which reached 33.69 percent in April—was the reason behind the decision to boost interest rates.
In an effort to reduce inflation, the CBN has been tightening monetary policy continuously.
This September’s 295th MPC meeting is the third since Cardoso was appointed in September of last year.
Nigeria’s interest rate was 18.75 percent in May 2023.
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