News
BREAKING: CBN Increases Interest Rate To 27.50 Percent
Governor Cardoso explained that the move was necessary to address persistent inflationary challenges
Abuja, Nigeria- The Central Bank of Nigeria (CBN) has increased the country’s monetary policy rate to 27.50 percent, up from the previous rate of 27.25 per cent.
The decision was made during the final meeting of the year for the Monetary Policy Committee (MPC), which convened at the central bank’s headquarters in Abuja on Tuesday.
CBN Governor, Yemi Cardoso, announced the hike on Tuesday, signalling the bank’s continued commitment to controlling inflationary pressures.
The monetary policy rate, which serves as the benchmark interest rate, is a key tool used by the CBN to manage inflationary pressures and influence lending rates across the financial system.
Governor Cardoso explained that the move was necessary to address persistent inflationary challenges, with the CBN aiming to ensure price stability and sustainable economic growth.
