The governor of Central Bank of Nigeria, Olayemi Cardoso has announced increment in interest rate to 26.75% from 26.25 per cent in May 2024.
Cardoso made the annoucement at a press briefing on Tuesday at the end of the two-day 296th MPC in Abuja.
He said the increment is to tackle the country’s rising core inflation and food inflation which stood at 34.19 per cent and 40.87 per cent, respectively in June.
The 296th MPC meeting is the fourth time the interest rate has been increased since the appointment of Cardoso in September last year.
