During the 295th MPC press briefing in Abuja on Tuesday, CBN Governor Olayemi Cardoso announced the decision to increase the interest rate in order to address the country’s high inflation rate, which rose to 33.69 percent in April.
The CBN has been consistently using monetary tools to combat inflation.
This was the third MPC meeting since Cardoso was appointed in September last year, and as of May 2023, Nigeria’s interest rate was at 18.75 percent.
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