CBN raises benchmark interest rate

The Central Bank of Nigeria (CBN) Tuesday increased the benchmark interest rate by 150 basis points, moving it from 24.75 per cent to 26.25 per cent, in response to rising food inflation.

The benchmark interest rate, also called MPR (monetary policy rate) can be considered the interest rate the CBN uses to lend to banks who then lend to customers at a higher rate.

The increase in MPR was announced at the end of a two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

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