It Is Not Working: Expert Speaks As CBN Raises Interest Rate Again [Video]

• The Central Bank of Nigeria, through its Monetary Policy Committee (MPC), announced a new interest rate
• 150 basic points have increased the new benchmark interest rate as CBN looks to fight inflation
• Uche Uwaleke, professor of finance and capital market, explained in an exclusive chat with Legit.ng the impact of CBN’s latest MPC decision

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has increased the benchmark interest rate to 26.25% from 24.75%.

The new rate is a 150 basis point increase and also the third consecutive hike implemented in 2024 by the CBN to fight inflation.

Olayemi Cardoso, the Governor of the CBN and Chairman of the MPC disclosed the new interest rate at the end of the 295th MPC meeting held in …