The Central Bank of Nigeria (CBN) has announced another increase in its Monetary Policy Rate (MPR).
It raised its interest to 27.25% from 26.75 per cent.
The decision was made today during the Monetary Policy Committee (MPC) meeting chaired by CBN Governor, Yemi Cardoso.
This move was part of the bank’s efforts to combat rising inflation and stabilise the economy.
This is making it the second time this year that the Central Bank of Nigeria is raising its interest rate.
Recall that in July 2024, the CBN raised its Monetary Policy Rate (MPR) by 800 basis points to 26.75 per cent, up from 13 per cent in May 2022.