Naira Notes

The Central Bank of Nigeria’s Monetary Policy Committee has raised the benchmark interest rate to 26.25 percent.

This was announced by the CBN Governor, who also chairs the Monetary Policy Committee (MPC), following the 295th MPC meeting in Abuja.

In March, the MPC had increased the benchmark rate by 200 basis points, from 22.75 percent to 24.75 percent.

The MPC has consistently adopted a hawkish approach since restarting meetings this year to address Nigeria’s persistent inflation, which climbed to 33.69 percent in April.

While many analysts predicted a rate hike, some believed the central bank might opt to hold the rate steady due to a slight month-on-month moderation in inflation growth.
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