Again, CBN raises interest rate to 26.75%
The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 26.75% from 26.25%.
The CBN said the increase is to curb the country’s escalating inflation and high prices of food items.
CBN Governor Olayemi Cardoso announced the decision after the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
He disclosed that the move aims to combat the country’s high inflation rate, which has been a major concern for the economy.
READ ALSO: CBN increases Monetary Policy Rate to 18%
Just last month during its Monetary Policy Committee (MPC) meeting, CBN increased the Monetary Policy Rate (MPR) for the third straight time from 24.75 per cent to 26.25 per cent.
Reacting to the announcement, chairman of the Dangote Group and Africa’s richest man, Aliko Dangote, criticised the apex bank for the decision, expressing concerns that the current interest rate regime would hinder job creation.
He said high interest rates would pose challenges for the manufacturing industry to expand and compete effectively.
READ ALSO: Naira to depreciate further as demand gap increases
Proofreading and editing by Gift Luckson and Hafsat Aleeyu Muye. Editor and Journalist at Neptune Prime.
