The Monetary Policy Committee (MPC) has announced another increase in the country’s Monetary Policy Rate (MPR), known as the baseline interest rate, to 26.75 per cent from 26.25 per cent.
The MPC also adjusted the Asymmetric Corridor to +500/-100 basis points from +100/-300 basis points around the MPR.
Mr Yemi Cardoso, the Governor of CBN made this known on Tuesday in Abuja while presenting the communiqué from the 296th meeting of the MPC.
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The rise in MPR is to slow down galloping inflation in Nigeria which moved to 34.19 percent in June 2024.
According to NBS, in June 2024, the headline inflation rate increased to 34.19% relative to the May 2024 headline inflation rate which was 33.95%.
“Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24% points when compared to the May 2024 headline inflation rate,” it said.
On a year-on-year basis, the NBS said the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%.
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“This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023).
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