{"id":332211,"date":"2024-07-23T14:29:00","date_gmt":"2024-07-23T13:29:00","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=332211"},"modified":"2024-07-23T14:29:00","modified_gmt":"2024-07-23T13:29:00","slug":"breaking-cbn-hikes-interest-rate-to-tackle-soaring-inflation","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/07\/23\/breaking-cbn-hikes-interest-rate-to-tackle-soaring-inflation\/","title":{"rendered":"BREAKING: CBN hikes interest rate to tackle soaring inflation"},"content":{"rendered":"<ul>\n<li><strong> CBN battles rising prices.<\/strong><\/li>\n<li><strong>CBN&#8217;s rate hike sparks concerns over economic growth.<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The Central Bank of Nigeria (CBN) has tightened its monetary policy by hiking interest rates to 26.75%, up from 26.25%, in a bid to rein in surging inflation and food prices.<\/p>\n<p>The decision was announced by Governor Olayemi Cardoso after a key meeting in Abuja.<\/p>\n<p>According to him, the decision to further increase the interest rate is to tackle the country\u2019s rising core inflation and food inflation which stood at 34.19 per cent and 40.87 per cent, respectively in June.<\/p>\n<p>He said members of the <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/01\/19\/breaking-cbn-holds-first-mpc-meeting-under-yemi-cardoso\/\"><strong>MPC<\/strong><\/a> are not oblivious of the need to address the rising prices of food in Nigeria, necessitating the interest rate hike.<\/p>\n<p>The implication of the interest rate hike is that businesses, farmers, manufacturers and investors will have to pay more to get loans from banks.<\/p>\n<p>The 296th MPC meeting is the fourth time the interest rate has been increased since the appointment of Cardoso in September last year.<\/p>\n<p>Recall that in May 2023, when President Bola Tinubu was inaugurated, Nigeria\u2019s interest rate stood at 18.75 per cent while inflation rate stood at 22.41 per cent.<\/p>\n<p>Meanwhile, despite CBN\u2019s continued interest rate hikes, the country\u2019s inflation has not cooled off.<\/p>\n<p>Earlier analysts had called for a pause in the hike of the interest rate.<\/p>\n<p>The Director of the Centre for Promotion of Private Enterprise, Muda Yusuf, backed call for a pause in the hike of the interest rate.<\/p>\n<p>According to him, the monetary instruments have been overstretched, hence not productive.<\/p>\n<p>\u201cI think we have overstretched monetary instruments because of inflation. They should put a pause on interest rate hikes,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CBN battles rising prices. CBN&#8217;s rate hike sparks concerns over economic growth. The Central Bank of Nigeria (CBN) has tightened its monetary policy by hiking interest rates to 26.75%, up from 26.25%, in a bid to rein in surging inflation and food prices. The decision was announced by Governor Olayemi Cardoso after a key meeting [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":308890,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[5,4],"tags":[658,42319,70857,71177],"class_list":["post-332211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-politics","tag-cbn","tag-interest-rate","tag-mpc-meeting","tag-olayemi-cardoso"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BREAKING: CBN hikes interest rate to tackle soaring inflation<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) has tightened its monetary policy by hiking interest rates to 26.75%, up from 26.25%, in a bid to rein in surging inflation and food prices.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2024\/07\/23\/breaking-cbn-hikes-interest-rate-to-tackle-soaring-inflation\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BREAKING: CBN hikes interest rate to tackle soaring inflation\" \/>\n<meta property=\"og:description\" content=\"CBN battles rising prices. 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CBN's rate hike sparks concerns over economic growth. 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