The Central Bank of Nigeria (CBN) has once again increased the Monetary Policy Rate (MPR), a key indicator of interest rates, by 50 basis points.
The MPR has risen from 26.25% to 26.75%, a move aimed at tackling the escalating inflation and surging food prices in the country.
CBN Governor, Olayemi Cardoso, made the announcement following the 296th Monetary Policy Committee (MPC) meeting held at the apex bank’s headquarters in Abuja on Tuesday.
This decision reflects the CBN’s efforts to curb the rising cost of living and stabilize the economy, as inflation continues to pose a significant challenge to the country’s economic growth.
More to come…
