CBN increases interest rate to 26.25%

Nigeria’s Central Bank raised interest rates for the third time in a row.

The Central Bank of Nigeria’s monetary policy committee increased the monetary policy rate (MPR) from 24.75 percent to 26.25 percent.

Nigeria’s inflation rate surged to 33.69 percent on May 15, driven by rising food prices.

The MPR serves as the foundation interest rate for banks to determine their own rates.

During the 295th committee meeting in Abuja, CBN Governor Olayemi Cardoso announced the rate adjustment.

This marks the third consecutive increase in the benchmark rate by the apex bank this year.