The Central Bank of Nigeria Monetary Policy Committee has raised interest rates by 150 basis points to 26.25 per cent from 24.75 per cent in March to tackle rising inflation.
Mr Yemi Cardoso, the Governor of CBN said this on Tuesday in Abuja, while reading the communique from the 295th meeting of the MPC.
Cardoso said the decision to raise the interest rate was to tame the country’s soaring headline inflation which increased to 33.69 per cent in April.
This is the third consecutive tightening of the lending rate, known as the Monetary Policy Rate (MPR) by the MPC under Cardoso
