JUST-IN: CBN Increases Interest Rate To 27.25%

The Central Bank of Nigeria (CBN) has announced an increase in its Monetary Policy Rate (MPR) to 27.25%.

The decision was made on Tuesday during the apex bank’s Monetary Policy Committee (MPC) meeting chaired by the CBN Governor, Yemi Cardoso.

The move was part of the bank’s efforts to combat rising inflation and stabilise the economy.

LEADERDHIP reports that the apex bank had raised its MPR in July 2024 by 800 basis points to 26.75 per cent from the 13 per cent that it was in May 2022.

Details Later…