The Central Bank of Nigeria (CBN) has announced an increase in its Monetary Policy Rate (MPR) to 27.25%.

The decision was made on Tuesday during the apex bank’s Monetary Policy Committee (MPC) meeting chaired by the CBN Governor, Yemi Cardoso.

The move was part of the bank’s efforts to combat rising inflation and stabilise the economy.

This new rate is an increase of 50 basis points from 26.75 per cent announced by the apex bank in July 2024. It reflects an 8.5 per cent increase in interest rates under the current leadership, which took office a year ago.

Cardoso said, “The committee was unanimous in its decision to further tighten policy and thus decided as follows, one: raise the MPR to 27.25 per cent.”

Details later…