The Central Bank of Nigeria (CBN) has taken another step to curb inflation and stabilize the economy by increasing the benchmark lending rate. The Monetary Policy Committee (MPC) raised the rate by 150 basis points to 26.25%, marking the third consecutive tightening under Governor Yemi Cardoso’s leadership.

This move aims to reduce excess liquidity and curb rising prices, ensuring a more stable economic environment. The CBN governor announced the decision after the 295th MPC meeting, reiterating the bank’s commitment to maintaining economic stability and promoting sustainable growth. The rate hike is expected to have a positive impact on the economy, as it will help to reduce the amount of money in circulation and combat inflationary pressures.

The CBN has been working to stabilize the economy, and this move is seen as a continuation of those efforts. The bank has been monitoring economic indicators and adjusting monetary policy as needed to ensure a stable and growing economy. The rate hike is a sign of the CBN’s commitment to maintaining a healthy economy and promoting economic growth.