“Breaking News: CBN Raises Interest Rate to 27.25% Amid Economic Concerns”

babatunji Wusu –

– MPR increased from 26.75% to 27.25%.
– Cash reserve ratio raised from 45% to 50%.
– Unanimous decision aimed at curbing inflation and stabilizing the economy.

The Central Bank of Nigeria (CBN) has announced a 50 basis point increase in the Monetary Policy Rate (MPR), raising it from 26.75% to 27.25%. This decision was made during the 297th meeting of the Monetary Policy Committee (MPC) held in Abuja.

Additionally, the committee opted to maintain the asymmetric corridor at +500 and -100 basis points and raised the cash reserve ratio from 45% to 50%, indicating a stronger commitment to tightening monetary policy.

CBN Governor Olayemi Cardoso, addressing the media post-meeting, noted that the decision was unanimous, underscoring the urgency to combat inflation and stabilize the economy amid ongoing challenges.