Nigeria’s interest rate jumps to 27.25% as CBN raises MPR
The Central Bank of Nigeria (CBN) has raised its Monetary Policy Rate (MPR) by 50 basis points to 27.25% from 26.75%.
This decision was made unanimously by the Monetary Policy Committee (MPC) at the end of its 297th meeting in Abuja, attended by 11 out of 12 members.
READ ALSO: Again, CBN raises interest rate to 26.75%
CBN Governor Olayemi Cardoso announced that the committee also retained the asymmetric corridor at +500 and -100 and increased the cash reserve ratio from 45% to 50%.
The MPR serves as the benchmark interest rate in Nigeria, influencing other interest rates within the economy.
The CBN said this adjustment aims to further tighten monetary policy and address inflation concerns.
Proofreading by Fa’izatu Aliyu Doma, Journalist at Neptune Prime.
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