BREAKING: CBN increases interest rate to 27.25%

In a recent move to address economic concerns, the Central Bank of Nigeria (CBN) has elevated the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.75% to 27.25%.

This decision was announced following the 297th meeting of the Monetary Policy Committee (MPC) held in Abuja.

Alongside the MPR hike, the CBN has adjusted the asymmetric corridor to +500 and -100 basis points and increased the cash reserve ratio from 45% to 50%.

CBN Governor Olayemi Cardoso highlighted that the committee reached a consensus on the need for tighter monetary policy measures.

Of the 12 MPC members, 11 were present at the meeting, reflecting a broad agreement on the policy adjustments aimed at stabilizing the Nigerian economy.

More details to follow…

(DailyTrust)