The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) 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 MPC meeting held in Abuja, with the Governor of the CBN, who also serves as the Chairman of the MPC, disclosing the outcome.
Officials say the decision to raise the benchmark interest rate was based on the current economic conditions and the apex bank’s commitment to maintaining price stability and addressing inflationary pressures.
By increasing the interest rate, the MPC aims to curb inflationary trends and stabilize the economy amidst ongoing challenges.
The move comes as inflationary pressures continue to weigh on the Nigerian economy, with rising prices of goods and services affecting consumers and businesses.
The MPC’s decision to raise the benchmark interest rate by 200 basis points signals a tightening of monetary policy to control inflation and restore macroeconomic stability.
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