The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has increased the benchmark lending rate to 26.75 per cent.
The Governor of the CBN, Dr. Olayemi Cardoso, who announced the increase at the end of the 296th MPC meeting in Abuja on Tuesday, stated that the members of the committee voted to maintain the hawkish stance in order to tame the rising inflation rate.
The MPC had since it resumed meeting this year, it has hiked the interest rate by more than 500 points and the interest rate was raised to 26.25 per cent in May.
However, the inflation rate increased to 34.19 per cent in June, up from 33.95 per cent in May 2024..
According to the CBN Governor, the MPC members are committed to price stability and are willing to keep tightening the screw until inflation is tamed.
GIK/APA
BREAKING: Nigerian apex bank raises interest rate to 26.75%
