BREAKING: CBN raises interest rate to 26.25%

The Central Bank of Nigeria’s Monetary Policy Committee, chaired by the Governor, has announced a significant increase in the benchmark interest rate to 26.25 percent following its 295th meeting held in Abuja. This decision marks a continuation of the committee’s proactive stance against Nigeria’s ongoing inflationary pressures. Notably, this adjustment comes after a prior increase of 200 basis points during the March meeting, bringing the rate up from 22.75 percent to 24.75 percent. Despite some moderation in the month-on-month inflation growth rate, the MPC remains steadfast in its efforts to address the nation’s persistent inflationary challenges. While various analysts had anticipated a rate hike, others had suggested that the apex bank might opt for a hold stance.