Central Bank of Nigeria (CBN) has announced a significant increase in the benchmark interest rate, raising it by 200 basis points from 22.75% to 24.75%.
The decision was made during the 294th Monetary Policy Committee (MPC) meeting held in Abuja, with the Governor of the CBN, who also serves as the Chairman of the MPC, disclosing the outcome.
Officials stated that the decision to raise the benchmark interest rate was prompted by the current economic conditions and the apex bank’s commitment to maintaining price stability and addressing inflationary pressures.
Notably, this benchmark interest rate hike will make it the tenth consecutive hike since May 2022.
With inflationary trends persisting and affecting the Nigerian economy, the MPC aims to curb these pressures and stabilize the economy amidst ongoing challenges.
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The move signals a tightening of monetary policy by the MPC, aimed at controlling inflation and restoring macroeconomic stability.
