Central Bank of Nigeria Increases Interest Rate to 27.25%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR), which serves as the benchmark for interest rates, from 26.75 percent to 27.25 percent. Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), disclosed this adjustment during a press conference held on Tuesday, following the committee's 297th meeting in Abuja. Cardoso indicated that this decision was made to further combat inflation.