CBN RAISES INTEREST RATE TO 27.65 PER CENT.

The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark lending rate to 27.65 per cent.

The hike in the Monetary Policy Rate was disclosed by the Governor of the CBN, Olayemi Cardoso, at the end of the 296th MPC meeting in Abuja on Tuesday.

The MPC had maintained a hawkish stance to tame inflation since it resumed meeting this year and thus far, it has increased rate by more than 500 points.

The rate was raised to 26.25 per cent in May.

However, with inflation moving to 34.19 per cent in June, according to the National Bureau of Statistics, the headline inflation increased by 0.24 per cent relative to the May 2024 headline inflation rate which was 33.95 per cent.

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