By Seyi Babalola
To combat growing inflation, the Central Bank of Nigeria’s Monetary Policy Committee hiked interest rates by 150 basis points to 26.25 percent, up from 24.75 in March.
CBN Governor Olayemi Cardoso said this on Tuesday during the 295th MPC news briefing in Abuja.
The central bank chief stated that the decision to hike interest rates was made to control the country’s skyrocketing headline inflation, which reached 33.69 percent in April.
To reduce inflation, the CBN proceeded to tighten monetary policy tools.
The 295th MPC meeting is the third since Cardoso’s appointment in September of last year.
In May 2023, Nigeria’s interest rate was 18.75 percent.