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Tuesday, 23 July 2024 13:11

CBN increases interest rate to 27.65% as inflation persists

CBN increases interest rate to 27.65% as inflation persists

The monetary policy committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, to 27.65 percent — from 26.25 percent

Olayemi Cardoso, governor of the apex bank, announced the rate adjustment on Tuesday at the end of the committee’s 296th meeting in Abuja.

Last week, Nigeria’s inflation rate rose to 34.19 percent amid the surge in food prices.

The MPR is the baseline interest rate in an economy, every other interest rate used within the economy is built on it.

 
 

More to follow…

[TheCable]

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