The Central Bank of Nigeria’s Monetary Policy Committee has raised the benchmark lending rate to 26.75%, as announced by CBN Governor Olayemi Cardoso after the 296th MPC meeting in Abuja
This decision marks a continued hawkish stance to combat inflation, with a total rate hike of over 500 points since the start of the year.
According to PUNCH, the latest increase comes as Nigeria’s inflation rate surged to 34.19% in June, according to the National Bureau of Statistics, representing a 0.24% rise from the previous month and an 11.40% increase from June 2023.
The CBN governor reiterated the committee’s commitment to achieving price stability, indicating further tightening measures if necessary.
This move aligns with projections from investment firms, which anticipated a rate hike to control inflation and maintain a stable exchange rate system.
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They should kuku kill us