The Central Bank of Nigeria (CBN) has taken decisive action to combat soaring inflation, raising the benchmark lending rate to 26.75% at the conclusion of the 296th Monetary Policy Committee (MPC) meeting in Abuja.

This marks the latest in a series of aggressive rate hikes, totaling over 500 points since the start of the year, as the CBN seeks to rein in inflationary pressures.

With Nigeria’s inflation rate reaching a staggering 34.19% in June, according to the National Bureau of Statistics, the MPC’s decision reflects a steadfast commitment to achieving price stability.

The rate increase aligns with projections from leading investment firms, which had anticipated a hike to curb inflation and maintain a stable exchange rate system.