Breaking: CBN Increases Interest Rate to 26.25%

The Central Bank of Nigeria's Monetary Policy Committee on Tuesday has announced a raise in the benchmark interest rate to 26.25 percent. 

The Governor of the CBN, who also serves as the Chairman of the MPC, made this announcement at the conclusion of the 295th MPC meeting in Abuja

In the previous MPC meeting in March, the benchmark rate had been raised by 200 basis points from 22.75 percent to 24.75 percent. 

Since resuming meetings this year, the MPC has maintained a hawkish stance in an effort to address Nigeria's ongoing inflation challenges.

In April, the inflation rate in Nigeria increased to 33.69 percent.

Several analysts have predicted a potential increase in interest rates, while others have suggested that the central bank may opt to maintain the current stance as the inflation growth rate showed signs of moderation on a monthly basis.