CBN slows down rate hiking, delivers 50bps increase

The Central Bank of Nigeria has increased its monetary policy rate, also known as the key interest rate, by 50 basis points to 26.75 percent.

Olayemi Cardoso, governor of the CBN, announced the rate decision at the end of the two-day meeting of the Monetary Policy Committee on Tuesday.

The MPC has hiked the benchmark interest rate four times this year by 800 basis points cumulatively, with the biggest increase of 400bps delivered in February, which was followed by 200bps in March and 150bps in May.