- The increment was announced by the apex bank governor on Tuesday during the Monetary Policy Committee (MPC) meeting
The Central Bank of Nigeria (CBN) has again increased interest rate as it intensities effort to steady the economy.
The CBN increased its Monetary Policy Rate (MPR) to 27.25%.
The increment was announced by the apex bank governor on Tuesday during the Monetary Policy Committee (MPC) meeting.
This move was part of the bank’s efforts to tackle rising inflation and stabilise the economy.
Recall that in July 2024, the CBN raised its Monetary Policy Rate (MPR) by 800 basis points to 26.75 per cent, up from 13 per cent in May 2022.
Meanwhile, experts have said monetary measures by the CBN to tame inflation and put the economy on a sound footing may not yield positive results if the federal government does not put in place responsive and appropriate macroeconomic policies.
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