CBN Raises Benchmark Interest Rate to 26.25%

By Joke Kujenya

NIGERIA’S MONETARY Policy Committee (MPC) has announced a significant adjustment to the monetary policy rate (MPR), increasing it from 24.75 percent to 26.25 percent.

This change, revealed on Tuesday, May 21, by Central Bank of Nigeria (CBN) Governor Yemi Cardoso, marks a strategic response to escalating inflationary pressures.

The announcement came during the MPC’s 295th session in Abuja, highlighting the central bank’s ongoing efforts to stabilize the economy.

Cardoso, who also presides over the MPC, emphasized the urgency of addressing the nation’s rising inflation rate, which surged to 33.69 percent on May 15, driven largely by increasing food prices.

He notes that the MPR is a critical tool in Nigeria’s economic framework, serving as the reference point for interest rates across the banking sector, adding that by adjusting this rate, the CBN aims to influence borrowing costs, consumer spending, and overall economic activity in an effort to curb inflation and maintain financial stability.

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