CBN Increases interest rate
In a significant move to address rising inflation, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the monetary policy rate (MPR) from 26.75 percent to 27.25 percent.
The decision was announced by CBN Governor Olayemi Cardoso during a press conference following the committee’s 297th meeting held in Abuja on Tuesday.
Cardoso stated that the rate hike aims to strengthen efforts in controlling inflationary pressures in the economy.
This adjustment reflects the CBN’s ongoing commitment to maintaining economic stability amidst challenging financial conditions.
