CBN raises interest rate to 26.75% amid soaring inflation

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The Central Bank of Nigeria has again raised the Monetary Policy Rate, which measures interest rates by 50 basis points, from 26.25% to 26.75% amid soaring inflation and skyrocketing food prices.

CBN Governor, Olayemi Cardoso, announced this after the apex bank’s 296th Monetary Policy Committee meeting in Abuja on Tuesday.