BREAKING: CBN raises interest rate to 26.25%

The Central Bank of Nigeria’s Monetary Policy Committee has raised the benchmark interest rate to 26.25%, as announced by the Governor of the CBN during the 295th MPC meeting in Abuja.

This decision marks a continuation of the committee’s vigilant approach to combatting Nigeria’s ongoing inflation issues.

Following a previous increase in March, where the rate was adjusted from 22.75% to 24.75%, this latest hike reflects the MPC’s commitment to addressing economic challenges.

In response to Nigeria’s rising inflation rate, which reached 33.69% in April, analysts have differing opinions on future monetary policy actions.

While some anticipate further rate hikes, others suggest that the central bank may opt for a more cautious approach given recent fluctuations in inflation growth rates.