Breaking: CBN Raises MPR to 26.75%

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Tuesday resolved to raise the Monetary Policy Rate (MPR), the benchmark interest rate by 50 basis points to 26.75 per cent from 26.25 per cent.

Addressing journalists at the end of the two-day Monetary Policy Committee (MPC) in Abuja, CBN Governor, Mr. Olayemi Cardoso, said the hike was in response to the continued inflationary pressures.

He said while the CBN is concerned over the impact on ordinary Nigerians and businesses, it was important to deal with inflation.

Details later…