The Governor of the Central Bank of Nigeria(CBN), Godwin Emeifele has increased the benchmark interest rate to 26.25 per cent.
Emefiele who also is the Chairman of the Monetary Policy Committee (MPC) made this known at the end of the 295th MPC meeting held in Abuja.
At the March MPC meeting, the benchmark rate had been increased by 200 basis points from 22.75 per cent to 24.75 per cent.
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The MPC has maintained a hawkish stance since it resumed meetings this year in a bid to tackle Nigeria’s persistent inflation.
Meanwhile, as of April, Nigeria’s inflation rate had risen to 33.69 per cent. Anumber of analysts have projected a rate hike while some suggested that the apex bank may consider a hold stance as the growth rate of inflation moderated month-on-month.
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