Again, CBN Raises Interest Rate to 26.25%

The Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), a benchmark interest rates, from 24.75 percent to 26.25 percent.

The CBN Governor and the Chairman of the of Monetary Policy Committee (MPC), Mr. Olayemi Cardoso, disclosed this on Tuesday after the committee’s 295th meeting in Abuja.

This is coming as Nigeria’s inflation rate rose to 33.69 percent recently amid the surge in food prices.

The MPR is the baseline rate in an economy, which banks use to set their interest rates.

This is the third consecutive time the apex bank will be raising the benchmark rate this year.