JUST IN: CBN Raises Interest Rate To 27.50% To Curb Inflation

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 27.50% from the previous 27.25%, in a bid to address rising inflation in the country.

READ ALSO: CBN Warns Public Against Fraudulent Contract, Project Funding Claims

This announcement was made by CBN Governor Yemi Cardoso during the final Monetary Policy Committee (MPC) meeting of the year, held at the apex bank’s headquarters in Abuja on Tuesday.

The MPR serves as the benchmark interest rate, influencing borrowing costs and overall economic activity.

More details to follow.