JUST IN: CBN raises interest rate to 27.25%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, raised the monetary policy rate (MPR), which benchmarks interest rates, from 26.75 percent to 27.25 percent.

CBN governor, Olayemi Cardoso, who announced the increase at a press conference on Tuesday after the committee’s 297th meeting in Abuja, said the increase was to further tame inflation.

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.

More later…