The monetary policy committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 24.75 percent to 26.25 percent.

On May 15, Nigeria’s inflation rate rose to 33.69 percent amid the surge in food prices.

The monetary policy rate (MPR) is the baseline interest rate in an economy, which banks use to set their interest rates.

Olayemi Cardoso, CBN’s governor, announced the rate adjustment at a news conference on Tuesday during the committee’s 295th meeting in Abuja.

This is the third consecutive time the apex bank will be raising the benchmark rate this year.

Details later…