The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has raised the Monetary Policy Rate (MPR) by 150 basis points to 26.25 percent, from 24.75 percent in March, in order to further tackle rising inflation.
CBN Governor, Olayemi Cardoso, who disclosed this yesterday, at the 295th MPC press briefing in Abuja, said the decision to raise the benchmark interest rate was to tame the countrys soaring headline inflation which increased to 33.69 percent in April.
CBN had continued tightening of monetary instruments to bring down inflation.
The 295th MPC meeting is the third since the appointment of Cardoso in September last year.
In May 2023, Nigerias interest rate stood at 18.75 percent.
