To combat growing inflation, the Central Bank of Nigeria’s Monetary Policy Committee hiked interest rates by 150 basis points, to 26.25 per cent from 24.75 per cent in March.

 

CBN Governor Olayemi Cardoso made the announcement on Tuesday during the 295th MPC news session in Abuja.

 

The decision to boost interest rates was made to contain the country’s surging headline inflation, which reached 33.69 per cent in April.

 

To reduce inflation, the CBN proceeded to tighten its monetary policy.

 

The 295th MPC meeting is the third since Cardoso’s appointment in September last year. Nigeria’s interest rate in May 2023 was 18.75 per cent.