News | Events | Digital PR | Advertising

Home News JUST IN: CBN increases interest rate to 26.75%
News

JUST IN: CBN increases interest rate to 26.75%

Share
Share

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.

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
Nigerian military
News

Nigeria Ranked 3rd Most Powerful Military in Africa by 2025 Global Firepower Index

Nigeria has been ranked as the third most powerful military force in...

NewsPolitics

America State Department Advises Americans in Iran to ‘Shelter in Place’; No Evacuation Plans Announced

The U.S. State Department has advised Americans currently in Iran to “shelter...

13 Killed Houses Burnt During Gunmen Attack in Plateau State
News

13 Killed, Houses Burnt During Gunmen Attack in Plateau State

Multiple communities in Bassa, Bokkos, and Mangu local government areas of Plateau...

Alhaji Dahiru Mangal
News

Katsina Philanthropist, Alhaji Dahiru Mangal, Sponsors Urology Surgeries with Over N80m

Popular philanthropist in Katsina State, Alhaji Dahiru Mangal, has donated more than...