The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent.
The CBN governor Yemi Cardoso made this Public after the second MPC meeting in Abuja on Tuesday.
The new interest rate is a jump from the 22.75 percent announced by the MPC about a month ago and the second rate hike by the current committee.
He said the move is part of efforts to combat the country’s rising inflationary rate which was pegged at 31.70 percent in February.
The next MPC meeting will be held between the 20th and 21st of May, 2024.
