• Spike in public spending pushes CBN to hike interest rate to 26.75% • Blames energy insecurity, middlemen for high food prices • We are working with fiscal authorities to tackle inflation, says Cardoso • Public spending may exacerbate money supply With help from the fiscal authorities slow in coming, the cost of borrowing is set to spike further as the Central Bank of Nigeria (CBN) has added 0.5 per cent to the already high monetary policy rate (MPR), taking it to a new height of 26.75 per cent in a bid to tame inflation. While the MPR increase is moderate, the standard lending facility (SLF) rate, which
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