CBN Governor, Olayemi Cardoso.
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has increased the benchmark interest rate to 26.25 per cent.
This was disclosed by the Governor of the CBN, Olayemi Cardoso who doubles as the Chairman of the MPC at the end of the 295th MPC meeting held in Abuja.
At the March MPC meeting, the benchmark rate had been increased by 200 basis points from 22.75 per cent to 24.75 per cent.
The MPC has maintained a hawkish stance since it resumed meetings this year in a bid to tackle Nigeria’s persistent inflation.
The development is in line with projection analysts of rate hike.
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