The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate to 26.75%. The rate was raised to 26.25% in May.
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 has hiked rate by more than 500 points since it resumed meeting this year.